Communications Equity Associates and Gresham Partners, Ltd., form Australasian Media & Communications Fund.

TAMPA, Fla.--(BUSINESS WIRE)--Dec. 15, 1995--Communications Equity Associates, Inc. ("CEA") announced today that they formed a joint venture with Gresham Partners, Ltd. of Sydney, Australia along with Tim Downing and Paul Harris to raise the Australasian Media & Communications Fund ("the Fund").

The Fund is anticipated to be between A$50 million and A$75 million and will invest in the media and communications industries including telecommunication and information services in Australia, New Zealand, and the Pacific Islands. Investments will also be made in ANZAC companies who are involved in these industries and wish to invest overseas. These investments will include both "traditional" media and emerging media enterprises, and the Fund will qualify as an Australian investor under the Broadcasting Services Act, allowing it to co-invest selectively alongside foreign investors.

Another feature of the Fund will be an ability to invest when opportunities arise alongside the CEA/ING-Barings Asian Communications Fund based in Singapore.

Directors of the Management Company will include J. Patrick Michaels and Sarah Combs of CEA, James Graham and Graham Rich of Gresham Partners, and Paul Harris and Tim Downing formerly of Fulcrum Capital Corporation Limited.

CEA is a worldwide investment and merchant banking firm specializing in the cable television, broadcasting and entertainment industries. The company has been a leader in providing these services since Mr. Michaels founded the company in 1973. CEA, together with ING-Barings, currently manages a US$85 million fund for European media and communications investment, and is in the process of forming a similar sized media and communications fund targeting Eastern Europe, Russia and the CIS. CEA and its affiliated offices are located in Tampa, New York, Philadelphia, Denver, London, Munich, Prague, Hong Kong and Kuala Lumpur.

Gresham Partners is a Sydney-based investment bank with considerable experience in the Australasian media and communications sector through its advisory activities and principal investments. Gresham Partners is a substantial shareholder in Australia's largest regional television broadcaster, Prime Television Limited, and Mr. Rich is a director of Prime. Gresham Partners has been established for ten years and is owned by its principals and the diversified Australian corporation, Wesfarmers Limited. Gresham Partners is manager of the Australian Stock Exchange listed unit trust, The Franked Income Fund, with total assets in excess of A$800 million.

Tim Downing and Paul Harris have had extensive experience in the Australian media sector through their involvement in the Fulcrum Capital Corporation Limited media fund. Harris and Downing have also had extensive involvement as shareholders and directors of Telecasters North Queensland Limited including its highly successful investment in Channel Ten and the recent restructuring of two Ten regional stations into a new company called Telecasters Australia Limited. Mr. Downing is Chairman of Telecasters Australia Limited and Mr. Harris is a director of Network Ten Limited and North Queensland Limited.

CEA is a member of the National Association of Securities Dealers and its professional associates are registered with the NASD. Member SIPC.

CONTACT: Communications Equity Associates, Tampa, Fla.

Harold Ewen, 813/226-8844