Alan Mnuchin And Michael Yagemann Appointed Co-Heads of Bear Stearns' Media and Entertainment Group; Mnuchin Joins Bear Stearns, Yagemann To Relocate.

NEW YORK--(BUSINESS WIRE)--March 14, 1996--Bear, Stearns & Co. Inc. announced today that the firm has appointed Alan Mnuchin and Michael Yagemann as co-heads of its leading media and entertainment group. Alan Mnuchin joins the firm as a senior managing director from Goldman Sachs. Michael Yagemann, a senior managing director who has been who has been with Bear Stearns for six years, currently serves as head of the firm's media and entertainment group and will relocate from Los Angeles to New York to co-head the group on a full-time basis.

Mr. Mnuchin joins Bear Stearns from Goldman Sachs where he was a vice president in that firm's Investment Banking Division's communications, media and technology group covering entertainment, broadcasting and cable companies extensively for over five years. Prior to joining Goldman Sachs in 1984, Mr. Mnuchin earned an M.B.A. from the University of Chicago and a B.S. from the Wharton School at the University of Pennsylvania.

Mr. Yagemann relocates from Bear Stearns' Los Angeles office where he was primarily responsible for the firm's West Coast media and entertainment investment banking group. In July 1995, Mr. Yagemann's responsibilities broadened to oversee media and entertainment banking firmwide. Prior to joining Bear Stearns in 1990, Mr. Yagemann practiced law at the Los Angeles firm of Irell & Manella for nine years, making partner in that firm in 1987. Mr. Yagemann holds a B.S. degree from the University of Colorado and a J.D. degree from Stanford Law School.

James E. Cayne, president and chief executive officer, said, "We have built our media and entertainment group into one of the strongest investment banking capabilities on Wall Street. Having Alan join the firm and Michael move to New York is an unbeatable combination given their extensive experience and client relationships. Under their direction, we will continue to expand our coverage of this important sector."

"I am very excited to be joining Bear Stearns at this pivotal time in the communications industry. Bear Stearns affords me a truly unique opportunity based on its excellent media franchise and a wonderfully dynamic client-driven culture and environment. I look forward to working closely with Mike Yagemann, Alan Schwartz and the rest of the Bear Stearns team," added Alan Mnuchin.

According to Securities Data Co., Bear Stears achieved a No. 1 ranking in announced media and entertainment mergers and acquisitions in 1995. The firm also ranked No. 2 in 1995 media and entertainment domestic investment grade and No. 2 in 1995 media and entertainment high yield issues. The firm's media and entertainment group has been dedicated to the industry for over eight years. The group is supported by one of the leading media and communications research teams on Wall Street, including three equity research analysts who achieved No. 1 rankings from Institutional Investor in 1995.

Bear Stearns has participated in a majority of the most significant recent M&A transactions including advising the Walt Disney Company in its $19 billion acquisition of Capital Cities/ABC; Time Warner Inc., in its acquisition of Turner Broadcasting System Inc.; Cablevision Systems and ITT in their $1 billion joint acquisition of Madison Square Garden from Viacom; Providence Journal in its $1.4 billion sale of its Cablevision Systems to Continental Cablevision and Paul Allen's acquisition of a majority outside interest in DreamWorks SKG.

The group has also spearheaded some of the most significant media deals in recent history, including sole managing Viacom's $1 billion senior debt offering; lead managing $550 million in two series of preferred stock for Cablevision Systems; and co-lead managing ITT Destinations' $1.75 billion senior debt offering.

Bear, Stearns & Co, Inc., a leading worldwide investment banking and securities trading and brokerage firm, is the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With over $7.1 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it provides professional and correspondent clearing, including securities lending. Headquartered in New York City, the company has over 7,500 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, San Francisco and Washington, D.C.; and an international presence in Beijing, Buenos Aires, Geneva, Hong Kong, Karachi, London, Madrid, Manila, Paris, Sao Paulo, Shanghai, Singapore and Tokyo.

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