ThirdAge Media Secures Third Round Financing of $89 Million

Business Wire, June 17, 1999

SAN FRANCISCO--(BUSINESS WIRE)--June 16, 1999--

Investments by CBS, Merrill Lynch, American Century and Hollinger

International for Marketing/Branding Programs and Expansion

ThirdAge Media, Inc., which operates ThirdAge.com (www.thirdage.com), today announced that CBS Corporation (NYSE: CBS), Merrill Lynch (NYSE: MER), American Century Investments, Hollinger International, Inc. (NYSE: HLR) and other investors have collectively invested $89 million in the company.

ThirdAge Media is the leading lifestage portal for the 45-65 year old community of men and women. This third round of financing, led by CBS, will be used to significantly expand ThirdAge.com's marketing and advertising efforts to increase membership and build brand, as well as to acquire additional technology to enhance the site's community, content and commerce.

This investment solidifies ThirdAge.com's leadership position as the leading source of news, community and interactive services for the population of adults aged 45 to 65 and the businesses that want to reach them. Unlike other Web sites dedicated only to senior citizens and aging, ThirdAge.com is geared to vital and energetic baby boomers - a group that represents both the fastest growing segment of the U.S. population and of online users. ThirdAgers will grow to over 100M in the next 20 years (source: the U.S. Census Bureau) and will account for over a third of all online users by 2002 (source: Forrester Research).

"ThirdAge.com has become the premier lifestage portal dedicated to this fast-growing, highly attractive market. With these strategic partners and additional financing, we have the resources to quickly expand our membership and brand identity," said Mary Furlong, founder and CEO of ThirdAge Media.

Mel Karmazin, president and CEO, CBS Corporation said, "As we continue to expand the CBS brand on the Internet, ThirdAge marks yet another strategic investment in what is now the fastest growing segment of the Web user population - adults aged 45 to 65. What's more, our television network is emerging as the only broadcaster serving all audiences, including those attracted to a service like ThirdAge. That advantage, along with our growing array of media platforms, will again offer unparalleled exposure to what is already a compelling Internet service led by Mary Furlong and her strong management team."

CBS Corporation has acquired a 30% equity stake in ThirdAge Media, which will receive advertising, promotion and other consideration over a term of seven years. The partnership includes access to the full range of CBS media properties, including those of its radio subsidiary, Infinity Broadcasting Corporation (NYSE: INF) and TDI, the company's outdoor business. ThirdAge.com's advertisements and e-commerce services will be included in packages sold to advertisers through CBS Plus, CBS's cross-media sales and marketing group. For more information on CBS, visit www.cbs.com

Merrill Lynch's strategic investment in Third Age supports the firm's overall commitment to the Internet. "Our investment in Third Age signifies our continuing interest in serving the aging baby boomer and pre-retiree populations in new and dynamic ways online," said John L. Steffens, Vice Chairman and head of the firm's U.S. Private Client Group. "We are exploring a wide range of sponsorship and content syndication opportunities tied to Merrill Lynch's various web properties." Merrill Lynch's web offerings currently include Askmerrill.com, which showcases the firm's global research capabilities, www.mlol.ml.com, a financial resource site for clients and the investing public, and www.ml.com, the Merrill Lynch homepage.

Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 41 countries and total client assets exceeding $1.5 trillion. As an investment bank, it is the top global underwriter and market maker of debt and equity securities and a leading strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Asset Management and Merrill Lynch Mercury Asset Management, the company is one of the world's largest managers of financial assets with assets under management exceeding $515 billion.

Through its Private Client Group, Merrill Lynch serves more than five million households, small- to mid-sized businesses and regional financial institutions using a planning-based approach to financial services. Among those services available to clients are brokerage, personal credit, insurance, home financing and trust services, as well as retirement and group employee benefit services, and business financing. Merrill Lynch clients are served by more than 18,200 Financial Consultants in more than 900 branch offices worldwide.

"As part of our plans to build Internet activities and relationships, Third Age represents the opportunity to work with a premier vertical portal focused on the online needs of an important market segment for ML private client," said Frank Zammataro, First Vice President and Senior Director of Merrill Lynch's Strategic Alliances, Portals and Investments group.