ADVISORY/IFC Begins Yearlong 10th Anniversary Celebration; IFC and Target Join Together for Sundance Film Festival.

Entertainment Editors/Business Editors

ADVISORY... for Monday (Jan. 19)

NEW YORK--(BUSINESS WIRE)--Jan. 5, 2004

Isaac Mizrahi to Design Handbag Exclusively For

IFC/Target Party

IFC Companies announced today their plans for the Sundance Film Festival, including specifics for their annual Festival Party, which this year will include a special "Red Lounge" sponsored and created by Target Stores. In addition, Target's newest designer partner Isaac Mizrahi will design an exclusive handbag for the party. The event will take place on Monday evening, January 19th, at the Riverhorse Cafe in Park City, Utah with the indie film leader and retail giant working closely to create an exciting and unique event. Today's party information will be the kick off of a series of announcements celebrating IFC's 10th Anniversary.

The party will also celebrate the three films IFC will be presenting at the Festival: Guy Maddin's depression era comedy The Saddest Music in the World starring Mark McKinney, Marie de Medeiros and Isabella Rossellini, which bows in the Premiere Section and will be released by IFC Films; Greg Harrison's feature film November which stars Courteney Cox, James LeGros, Michael Ealy and Nora Dunn, which is featured in Dramatic Competition and produced by IFC's InDiGent; and In The Company of Women, an Independent Film Channel Original Documentary exploring and celebrating women in independent film and featuring Jodie Foster, Susan Sarandon and other women actors and filmmakers, which will be presented as a Special Screening Sidebar.

"2004 will be a very important year for IFC," commented Ed Carroll, executive vice president and general manager of IFC. "During our ten years, IFC has grown from being the first and largest television network dedicated to independent film to a multi-tiered company with film production, film distribution, magazine, web and VOD assets all dedicated to growing the independent film audience and providing independent filmmakers with a true voice. We are very excited about our 10th Anniversary and pleased to be partnering with Target, a company equally passionate about independent film making."

"Target has a long history of supporting the arts and that would include the art of filmmaking," states John Remington, vice president of communication, Target Corporation. "We are particularly thrilled this year to partner with IFC and celebrate their ten years of success. IFC is truly one of the early pioneers and in part responsible for making independent film more widely accessible."

Target has sponsored the closing night film and party of the LA Film Festival in 2002 and 2003. In addition, they have established two significant grants for independent filmmakers. In 2002 they awarded the Target Independent Film Award for $50K and in 2003 they added the Target Documentary Film Award for $25K. Target's commitment to independent film continues to grow with their new IFC partnership and their presence at Sundance.

In addition to the theatrical films IFC will be presenting at Sundance and the annual party, IFC will also broadcast, on its cable network, on-location interviews with filmmakers, actors and other celebrities. The network will also cover special events, premieres, competitions and parties throughout the Festival. Coverage will be produced and directed by Christine Lubrano and hosted by Alison Bailes.

         IFC SUNDANCE FILM FESTIVAL PARTY INFORMATION

         WHAT:      IFC's Annual 2004 Sundance Film Festival Party,
                    with Target Red Lounge

         WHEN:      Monday, January 19, 2004, at 9:00 PM

         WHERE:     The Riverhorse Cafe, 540 Main St. Park City, Utah
                    ***Invitation Only**

About IFC Companies

IFC Companies has created a unique end-to-end business model and brand that focuses on developing and nurturing talent, and maximizing the value of independent film. With a television network, a film distribution and production unit, and a VOD service, IFC Companies represents the future of independent film. IFC Companies uses its unique position to broaden the independent film audience nationwide and to expand the opportunities for independent filmmakers. IFC Companies is a division of Rainbow Media Holdings, Inc.

IFC Companies is made up of:

IFC Television, the first and most widely distributed channel dedicated to independent film 24 hours a day, uncut and commercial-free.

IFC Entertainment, which includes IFC Films, a theatrical film distribution company; IFC Productions, a feature film production company; and InDigEnt, an initiative that helps established filmmakers shoot productions on digital video.

IFC Digital Media harnesses the power of digital technology to provide audiences with active entertainment, informational, and transactional experiences. It is currently focused on packaging, delivering, and marketing video-on-demand services and broadband content.

About Target Stores

Minneapolis-based Target Stores serves guests at 1,227 stores in 47 states nationwide by delivering today's best retail trends at affordable prices. Whether visiting a Target store or shopping online at target.com, guests enjoy a fun and convenient shopping experience with access to thousands of unique and highly differentiated items. Target Stores, along with its parent company Target Corporation (NYSE:TGT), gives back more than $2 million a week to its local communities through grants and special programs. Since opening its first store in 1962, Target has partnered with nonprofit organizations, guests and team members to help meet community needs.