Leo Hindery Announces Formation of Private Investment Firm; InterMedia Advisors to Target Media Investments

Business Wire, March 1, 2005

NEW YORK -- Senator Tom Daschle to Chair Advisory Board

Leo Hindery, the former CEO of the YES Network, AT&T Broadband and Tele-Communications, Inc. (TCI), announced today that he is forming InterMedia Advisors, a private investment firm that will specialize in the media industry. Along with former partner and long-time media industry advisor, Peter Kern, Mr. Hindery's new firm will be making private equity investments in a variety of sectors in the media and communications industries.

The new firm will make mid- to large-size media investments primarily in the United States. In a statement the firm said:

"We believe that our fundamental industry experience, as investors and especially as operators, will give us a different kind of exposure to exciting media industry opportunities. We see the widening gulf between what strategic buyers are doing and what private equity is doing, and that presents a very appealing set of opportunities for a firm like ours. The Partners and the Advisory Board have a collective depth of industry knowledge and expertise that will allow us to pursue unique and high-value opportunities."

In addition to assembling a team of industry professionals with unparalleled experience in a wide range of media, Mr. Hindery and Mr. Kern have also assembled a world-class Executive Advisory Board, chaired by Tom Daschle, former U.S. Senator from South Dakota and Democratic Leader. Chairman Daschle will be joined by an elite group of industry and regulatory experts.

In addition to distinguished operating careers, Leo Hindery and Peter Kern have collectively 15 successful years in media private equity, and have been involved in structuring and negotiating over 100 transactions with an aggregate value exceeding $100 billion.