Bear Stearns Launches Venture Capital Effort Focusing on Media, Communications, and Technology.

NEW YORK--(BUSINESS WIRE)--August 20, 1997--In its most recent commitment to the asset management business, Bear, Stearns & Co. Inc. announced today that it has hired Clifford H. Friedman as a senior managing director to spearhead a new media, communications and technology venture capital effort. This effort will focus on investments in the areas of intellectual property, content creation, communications, and technology.

Clifford Friedman comes to Bear Stearns with over 16 years of venture capital investment, financial, technical, and media industry experience. For the past three years he served as senior vice president of Universal Studios where he was responsible for the creation of Universal's New Media Group's growth strategy and new business effort; and as vice president of strategic development at NBC. From 1990 to 1995 he was a senior managing director in the Equity Research Department at Bear Stearns focusing on the technology and media sectors. Prior to that he was with Cyrus J. Lawrence.

Mr. Friedman has served as a director on several corporate boards, including Interplay Productions, Interactive Light Holdings, ETOM Technologies, Scoop Newsmakers and TV Azteca. He holds a BS in Electrical Engineering and Computer Science and an MS in electrophysics from Polytechnic Institute of New York; and an MBA in Finance and Investments from Adelphi University. In addition, he has been awarded two patents in the field of communications and has been published in various international technical and financial journals.

Doni Fordyce, a BSAM senior managing director, said, "We are very excited to offer another alternative investment product for our institutional and high-net-worth clients, and are especially fortunate to have someone with Cliff's exceptional financial and industry experience directing it."

Mr. Friedman added, "I am thrilled to be returning to Bear Stearns in this new capacity. The firm's highly regarded investment banking and research capability in this industry gives us tremendous leverage for the success of the venture capital effort."

As of June 30, 1997, Bear Stearns Asset Management had approximately $8 billion in assets under management. Bear Stearns Asset Management is a division of Bear, Stearns & Co. Inc., a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE: BSC). With approximately $11.7 billion of total capital, Bear Stearns serves governments, corporations, institutions and private investors worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers professional and correspondent clearing, including securities lending. Headquartered in New York City, the company has over 8,300 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Geneva, Hong Kong, London, Lugano, Paris, Sao Paulo, Shanghai, Singapore and Tokyo.

CONTACT: Bear, Stearns & Co. Inc.

Hannah Burns, 212/272-2395

Mary Flounders Green, 212/272-4356