MediaBay, Inc. and the Wall Street Journal to Provide Internet Digital Downloads of Breaking News

Business Wire, April 24, 2000

Business, Technology & Media Editors

MORRISTOWN, N.J.--(BUSINESS WIRE)--April 24, 2000

- Company to Offer Premium Audio Content for Secure Digital

Download and PC-based and Mobile Playback at MediaBay.com -

MediaBay, Inc. (Nasdaq: MBAY), the leading provider of premium spoken word audio content and products in hard goods and digital download formats, today announced an agreement with Dow Jones & Company, Inc. (NYSE: DJ), publisher of The Wall Street Journal, the nation's largest financial newspaper, for digital downloads of breaking news. The new audio service will feature premium content from The Wall Street Journal, and will be available on a subscription basis in streaming and secure digital download audio formats for PC-based and mobile playback. Users can access this service through the Company's MediaBay.com portal located at www.MediaBay.com.

"Our agreement with The Wall Street Journal underscores MediaBay's commitment to acquire premium content and build our digital download business," said Michael Herrick, CEO of MediaBay, Inc. "While we believe that print newspapers remain a strong force in today's business world, an increasing number of individuals are turning to audio news and digital downloads to keep abreast of important financial developments while managing their demanding schedules. Our alliance with The Wall Street Journal will provide our users the up-to-date financial information that shapes the decisions that impact today's financial marketplace."

The audio digest of The Wall Street Journal will consist of three separate reports: The Wall Street Journal Hourly Markets Report ("Market Report"), The Wall Street Journal Today Report ("WSJ Today") and The Wall Street Journal Markets and Final Analysis ("Markets Final"). The "Market Report" audio version focuses on updates of market activity and is approximately one minute in length. It is produced each hour during market hours on days the U.S. markets are open. The "WSJ Today" version will provide an audio summary that is approximately 15-20 minutes in length, covering the major stories and columns from The Wall Street Journal, and other breaking news. The "Markets Final" report is produced at the end of each day the U.S. markets are open and provides a three to five minute commentary and analysis on the day's markets activity. The Wall Street Journal audio digest will be frequently promoted and available for convenient download throughout the day at MediaBay.com, with custom e-mail alerts included in the subscription price.

"The Wall Street Journal is very pleased to work with MediaBay to leverage our quality audio reports and broaden our reach through new and promising platforms and devices," said Jessica Perry, vice president of business development for Dow Jones Interactive Publishing.

Mr. Herrick concluded, "As the Internet continues to become a dominant source for audio news distribution, MediaBay.com will continue to develop strategic relationships with premium content news sources that provide increased convenience to our users and generate additional traffic to the www.MediaBay.com website."

About Dow Jones & Company, Inc.

Dow Jones & Company (NYSE:DJ; www.dj.com) publishes The Wall Street Journal and its international and online editions, Barron's and SmartMoney magazines and other periodicals, Dow Jones Newswires, dowjones.com, Dow Jones Indexes, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters group of Factiva, with Excite@Home of Work.com, and with NBC of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S.

About MediaBay, Inc.

MediaBay, Inc. is the leading provider of premium spoken word audio content and products in hard goods and digital download formats both online and offline which it markets to its customer database of over 2.3 million names and more than 1.5 million unique website visitors. MediaBay, Inc. is one of the world's largest marketers of audiobooks through its Audio Book Club membership club, which markets and sells over 70,000 audiobook titles through direct mail and the Internet at www.audiobookclub.com. MediaBay, Inc. is also one of the world's largest marketers of old-time radio shows and classic videos through its Radio Spirits subsidiary which markets and sells its content library of over 60,000 radio shows and 3,500 videos on audio cassette, compact disc and video cassette through direct mail, retail and radio channels, as well as through the Internet at www.MediaBay.com. MediaBay.com, the Company's media portal site, is an innovative content and e-commerce website offering the Company's millions of customers and website visitors a single location for premium spoken word content and products available in hard goods and secure digital download formats.

Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward looking statements that involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include, but are not limited to risks relating to the Company's direct mail campaigns and the ability of its book club to retain members, risks relating to the Company's growth strategy, dependence on third party service providers, uncertainty of the scope of future product returns, collection and risks associated with selling products on credit, competition and other risks detailed in the Company's Securities and Exchange Commission filings. The words "believe" and "should" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made