Ampex Launches iNEXTV, the Leading Internet Video Network, During First Webcast for Shareholders.

NEW YORK--(BUSINESS WIRE)--June 28, 1999--

Chairman Outlines iNEXTV's Internet Video Strategy and

Initiatives to Lead the Next Evolution of the Web

in Interview with Faith Daniels 

In the Company's first webcast for shareholders, Edward J. Bramson, Chairman of Ampex Corporation (AMEX:AXC), today announced the launch of iNEXTV, www.inextv.com, the leading provider of streaming media content designed for the Internet. Powered by the technological innovations of Ampex, iNEXTV is an Internet video network representing the web's promise of a television channel for the individual.

During today's webcast, which was hosted by Emmy award-winning journalist Faith Daniels, Mr. Bramson outlined iNEXTV's streaming media strategy and discussed how the Company is leading the next generation of the Internet by bringing the full spectrum of sight, sound and motion to the web. In addition, Mr. Bramson answered a number of the hundreds of questions shareholders had forwarded to the Company prior to the webcast.

"From New York, Los Angeles, Washington, D.C. and Munich, Germany, iNEXTV brings together a wide array of highly-branded video channels for the Internet," said Mr. Bramson. "Using the power of video and the reach of the Internet, targeted viewers will receive a message they will connect and respond to. In addition to providing compelling programming for a worldwide audience and niche communities, iNEXTV offers premium advertisers focused, responsive audiences."

iNEXTV is investing to fund the growth of multiple strategic partnerships and wholly- owned operations that produce streaming media content. The Company brings together a wide array of highly-branded video channels for the Internet including TV onthe WEB, Inc., a leading Internet video provider, and Alternative Entertainment Network, Inc., one of the largest on-demand streaming video sites. iNEXTV also has minority interests in Executive Branch TV, which will provide coverage of executive agency activities and the White House over the Internet beginning this fall, and TV1 Internet Television, a leading European video programmer. iNEXTV and its partners either have or are in the process of installing integrated Internet video production and distribution operations in New York, Los Angeles, Washington, D.C. and Berlin, Germany. The Company is working to add coverage of additional market segments and other locations in the U.S. and overseas.

The webcast, which took place at 2:30 p.m. EDT, is archived and available for viewing at multiple Internet sites including www.ampex.com, www.tvontheweb.com, and www.aentv.com.

Ampex Corporation, www.ampex.com, headquartered in Redwood City, California is one of the world's leading innovators of technologies for the visual information industry. The Company, a participant in the Internet revolution since its early days, is leveraging its core expertise in image-based markets and has founded iNEXTV, www.inextv.com, to develop the next generation of TV by assembling a network of targeted video-driven sites on the Internet. iNEXTV's strategy is to use Ampex's technological expertise to increase the content and quality of Internet video. iNEXTV plans investments and alliances with existing webcasting companies, and will also develop its own production and distribution facilities. iNEXTV currently has strategic interests in TV onthe WEB, www.tvontheweb.com, Alternative Entertainment Network Television, www.aentv.com, Executive Branch TV, www.exbtv.com and TV1 Internet Television, www.tv1.de. iNEXTV has also established its own Internet video production and distribution facilities in Los Angeles, which are shared with AENTV, and in Berlin, which are shared with TV1, and is also constructing Internet video production center in New York City from which it will launch new programming in the fall.

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.