Excelsior Radio Networks and Source Magazine Launch "The Source Radio Network".

Business Editors

NEW YORK, N.Y.--(BUSINESS WIRE)--May 30, 2002

Franklin Capital Corporation (AMEX:FKL), today announced that its Excelsior Radio Networks ("XRN") subsidiary and Source Entertainment (entertainment division of Source Enterprises Inc.) entered into a multi-year contract to co-produce, distribute, market and sell advertising on "The Source Radio Network."

Excelsior Radio Networks produces and syndicates music programming and morning prep services in a variety of formats to more than 2,000 radio stations nationwide. Founded in 1988, The Source magazine has grown from a one-page newsletter into the nation's number one selling music magazine with approximately 6 million readers each month, while The Source empire has expanded to include the nationally syndicated The Source: All Access television program, the platinum-selling Hip-Hop Hits series of compilation CD's, the annual "The Source Hip-Hop Music Awards" network television special, Thesource.com website, and The Source Youth Foundation.

"The Source Radio Network" programs and services will be produced in New York at both The Source magazine's main editorial office and XRN's radio production studios and will provide content to top hip-hop radio stations across the country, beginning with a weekend music and interview program called "The Source Street Beat" and a Monday-Friday hip-hop prep service called "The Daily Dose". Both products will be available for syndication July 1, 2002 from XRN. Excelsior owned subsidiary Dial Communications-Global Media will handle radio advertising sales in partnership with The Source Magazine's new corporate media sales arm.

"The Daily Dose" prep service will feature up to the minute text and audio content along with special event coverage, hip-hop radio satellite tours and a wide variety of daily features, interviews and reports from the world of hip hop. Hosted by The Source principles David "Go Go Dave" Mays and Ray "Benzino" Scott along with DJ "Jeff 2X", "The Source Street Beat" is a three-hour music and interview program airing Sundays live via Satellite.

Larry Kahn, Vice President and General Manager of XRN and commented that, "As the most respected brand in hip-hop, we could think of no better partner for this exciting radio content project than The Source. By combining the name recognition of The Source with top quality content, we are creating a valuable offering for radio stations in one of the fastest growing formats nationwide. The Source Radio Network will give every affiliate a powerful edge in their local ratings races." Spencer Brown, Senior Vice President of Franklin noted that the Source deal is part of Excelsior's continuing effort to produce its own unique content and distribute that content through its Dial-Global subsidiary.

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