Ampex's iNEXTV Acquires Majority Interest in Alternative Entertainment Network Television; iNEXTV/AENTV Internet Digital Media Center Now Open -- Only Production Facility of its Kind.

REDWOOD CITY, Calif.--(BUSINESS WIRE)--July 8, 1999--

iNEXTV Corporation, a wholly-owned subsidiary of Ampex Corporation (Amex:AXC), announced today that it has completed the acquisition of its majority interest in Alternative Entertainment Network Television (AENTV), of Los Angeles, California.

The increased stake in AENTV is pursuant to the exercise of Ampex Corporation's option announced on May 25, 1999.

AENTV, a leading producer and aggregator of streaming media entertainment and information for the Internet, was recently named one of the "10 Great Video Sites on the Internet" by Broadcasting & Cable magazine.

One of the largest on-demand streaming sites, it owns or has aggregated hundreds of hours of programming featuring such names as Sonny & Cher, the Smothers Brothers, the Academy Awards archive library and the Golden Years of Television.

AENTV also has content alliances and licensing arrangements with companies such as Warner Bros. and Microsoft. In addition, it is also launching a new channel and an aggressive schedule of original programs produced exclusively for the Internet which will debut this fall.

AENTV also has announced the opening of the iNEXTV/AENTV Internet Digital Media Center in Woodland Hills, California, on July 1, l999. The state-of-the-art digital facility is designed for original production, post production and "live" webcasting for the Internet and emerging broadband industry.

The Digital Media Center includes production stages and digital post production suites; virtual sets and design technology; video compression and streaming facilities; DVD authoring and MPEG compression; and computer animation and graphics. It will be the only facility of its type in Los Angeles.

iNEXTV Corporation, www.inextv.com, headquartered in New York City, is one of the world's largest providers of audio/visual content for the Internet and a wholly-owned subsidiary of Ampex Corporation (Amex:AXC). iNEXTV produces Internet video programming in New York, Los Angeles, Reston, Virginia, Washington, D.C. and Munich, Germany, and has announced that it will expand its European operations to include Berlin next year.

The iNEXTV network of affiliated video web sites currently includes TV onthe WEB, www.tvontheweb.com, Reston, Virginia, a leading Internet video provider; Alternative Entertainment Network Television, www.aentv.com, Los Angeles, California, one of the largest on-demand streaming video sites, and TV1 Internet Television, www.tv1.de, Munich, Germany, one of Europe's top webcasters.

The Company is developing Executive Branch TV, www.exbtv.com, Washington, D.C., which will provide coverage of executive agency activities and the White House over the Internet and a premier channel, iSTYLETV, both of which are scheduled for launch this fall. iNEXTV is also working with its parent company, digital video pioneer Ampex Corporation, on the development of enhanced video technology to be used by iNEXTV and its affiliates

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties and unforeseen circumstances that could cause actual results to differ materially from those currently anticipated. Potential risks and uncertainties include, without limitation, those mentioned in the Company's 1998 Annual Report on Form 10-K filed with the SEC and its quarterly report on Form 10-Q for the quarter ended March 31, l999.