Claxson Interactive Group Inc. Announces Completion of Going Private Transaction

Business Wire, July 15, 2008

Public Shareholders to Receive $13.75 Per Share in Cash

MIAMI & BUENOS AIRES, Argentina -- Claxson Interactive Group Inc. (Pink Sheets:XSONF) announced today that its merger with Remainco Inc., a wholly owned subsidiary of Claxson, was approved on July 14, 2008, by Claxson's shareholders holding a majority of the voting power of the company acting by written consent and, as a result, it has completed its going private transaction as of the close of business on July 14, 2008. Pursuant to the merger, all shareholders of Claxson's outstanding Class A common shares, other than the Class A common shares held by certain controlling stockholders, consisting of affiliates of the Cisneros Group of Companies, Hicks Muse, Roberto Vivo, Chief Executive Officer of the Company, Luis H. Moreno and related entities (the "Group"), and those held by shareholders who properly dissent under British Virgin Islands law, will receive $13.75 per share in cash.

As a result of the merger, Claxson has become a privately held company owned by the Group and has filed a Certification and Notice of Termination of Registration on Form 15 with the U.S. Securities and Exchange Commission (the "Commission") to deregister its Class A common shares under the Securities Exchange Act of 1934, as amended, and terminate its reporting obligations.

About Claxson

Claxson (XSONF.PK) is a multimedia company providing branded entertainment content targeted to Spanish and Portuguese speakers around the world. Claxson has a portfolio of popular entertainment brands that are distributed over multiple platforms through its assets in pay television and the Internet. Headquartered in Buenos Aires, Argentina and Miami, Florida, Claxson has a presence in the United States and all key Ibero-American countries, including without limitation, Argentina, Mexico, Chile, Brazil, Spain and Portugal. Claxson's principal shareholders are the Cisneros Group of Companies and funds affiliated with Hicks, Muse, Tate & Furst Inc.