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PBI Media Acquires CableWorld Magazine from PRIMEDIA

Potomac, Maryland, and New York, NY (October 8, 2003) PBI Media LLC, the leading information and events company serving the broadband cable marketplace and publisher of the industry news standard CableFAX Daily, today announced that it had acquired CableWorld Magazine from PRIMEDIA Inc., (NYSE: PRM), and will begin regular publication of the title on a twice-monthly frequency later this month. Terms of the agreement were not disclosed.

"The addition of CableWorld magazine to PBI's industry-leading suite of information products and events offers the marketplace, as well as our existing and future clients, a complete one-stop shop to reach the dynamic broadband cable arena," said PBI's Nancy Maynard, vice president and group publisher for the company's Broadband Group. "CableWorld will continue to serve programmers and MSOs as it takes its place as one of the legs of our total market reach strategy, alongside CableFAX Daily, Communications Technology magazine, and the CableFAX and Broadband Leaders Retreats."

CableWorld offers authoritative commentary on the programming side of the cable business. CableWorld provides analysis and insight on the always-changing content marketplace, reaching key systems and corporate decision makers of cable operators.

"With CableWorld, PBI will deliver the most comprehensive advertising and marketing reach to media buyers across the management, programming and technical elements of the broadband cable industry at the lowest cost per thousand," said Maynard. "The opportunity to acquire CableWorld points to the preeminent position of PBI Media in serving this market. It is a major score for our readers and advertisers."

"CableWorld is a great complement to PBI's existing product offerings and will support the company's ongoing efforts to build the dominant brand serving the broadband marketplace," said Hal Greenberg, Managing Director at Veronis Suhler Stevenson.

PBI Media will publish CableWorld 24 times a year. Key editors and contributors to the magazine will remain with the title, augmented and expanded by PBI Media's own staff of experienced and award-winning journalists covering this market space.

PBI Media LLC is a portfolio company of VS&A Communications Partners III, LP, the private equity affiliate of media industry merchant bank Veronis Suhler Stevenson.

About Veronis Suhler Stevenson
Veronis Suhler Stevenson is a leading independent merchant bank dedicated to the media, communications and information industries. Veronis Suhler Stevenson has completed over 600 transactions since its inception in 1981. The firm has acted as a financial advisor across the full spectrum of 13 media industry segments and provides the following services: mergers & acquisitions advisory services and private equity investment. VS&A Communications Partners III, LP is the third private equity fund managed by Veronis Suhler Stevenson. Capitalized at $1 billion, it is one of the largest private equity funds dedicated exclusively to investments in the media, communications and information industries. Together with Fund III's predecessor funds, VS&A Communications Partners has invested in 31 platform companies across multiple media segments; the realized and unrealized enterprise value of these investments total approximately $6 billion.


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Veronis Suhler Stevenson

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Stanton Crenshaw Communications

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