Ampex Transfers Interests in Internet Video Affiliates to iNEXTV; Company's Wholly-Owned Subsidiary is One of World's Largest Providers of Audio/Visual Content for the Internet.

REDWOOD CITY, Calif.--(BUSINESS WIRE)--July 29, 1999--

Ampex Corporation (AMEX:AXC), announced today that it has completed the transfer of its interests in its network of Internet video affiliates to the recently launched iNEXTV Corporation, a wholly-owned subsidiary and one of the world's largest providers of audio-visual content for the Internet. The network of affiliates includes TV on the WEB, Alternative Entertainment Network, Executive Branch TV and TV1 Internet Television.

Ampex launched iNEXTV on June 28, 1999 during the Company's first webcast for share-holders. iNEXTV, an Internet video network that represents the web's promise of a television channel for the individual, is leading the next stage of the Internet. It is investing to fund the growth of multiple strategic partners and wholly-owned operations that produce streaming media content. iNEXTV has built the production, promotion and sales infrastructure along with the content development model to be the leading source of television for the Internet.

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 websites currently includes TV on the WEB, www.tvontheweb.com, Reston, Virginia, a leading Internet video provider; Alternative Entertainment Network, 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 and White House activities 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.