HMG Formed Through Restructuring and Management Buyout of the Heritage Networks.

NEW YORK -- Urban Entertainment Distribution and Production Company Emerges from Prepackaged Bankruptcy with New Leadership, Strategy and Support from Leading Louisiana Financial Institution and Media Investor

Heritage Media Group (HMG), a leader in the distribution, production and creation of urban-oriented media, today announced it has completed the buyout and restructuring of the entity formerly known as The Heritage Networks. This deal ushers in a new era for the well-known entertainment industry company. Newly-renamed HMG has taken the best of the former Heritage Networks and added new executive leadership, financial backing, corporate mission and operating structure.

HMG is led by media entrepreneur, investment banker and CEO Charles "Chas" Walker, along with Matt Cooperstein, President of HMG Media Distribution; Lynne McDaniel, General Manager and SVP, HMG Entertainment; and the HMG management team who began the turnaround and restructuring of the previous Heritage Networks in January, 2004. This work led to the filing of a prepackaged Chapter 11 with the support of creditors, and culminated in the approval of the company's plan of reorganization on December 17th, 2004.

The buyout by HMG was financed by New Orleans-based First Bank and Trust (FBT), a high-performance community bank and leader in the development of the "Hollywood South" economic strategy implemented by Louisiana Governor Kathleen Babineaux Blanco and New Orleans Mayor Ray Nagin. HMG was introduced to FBT Investments by media financier and investor Peter V. Miller. Miller will continue to be involved in the company's planned capital financing and development programs, serving as a company Director. Given Louisiana's attractive tax credit and financing enhancements and HMG's relationships with Miller and CEO of FBT Investments Leonard Alsfeld, the company is poised to become a leading player in the arenas of urban-driven television and film production opportunities.

"This exciting development for HMG represents the first step in the creation of a multi-faceted urban media company, and we are eternally grateful and offer heartfelt thanks to our television station affiliates, studio and strategic partners and advertising/agency partners who stood by us," said Chas Walker, CEO, Heritage Media Group. "The closing of this transaction is a tribute to all the hard work from the dedicated professionals at HMG, including CFO Al Baker, General Counsel Willow Sanchez, Chief Restructuring Officer Kevin Wiley, bankruptcy attorneys Rosa Orenstein and her team, former chairman Comer Cottrell, our creditors and their advisors, our strategic partners, our investors and financial partners -- in particular First Bank and Trust. Urban entertainment is a major profit component of the entertainment industry marketplace at-large and HMG will benefit from expanding distribution of our content via wireless, cable, home video, broadband and internationally."

"We consider ourselves a community bank," said Ashton Ryan, President and CEO, First Bank and Trust. "With the community philosophy of First Bank and Trust, we saw the perfect opportunity to marry the natural urban talent germane to New Orleans with the great entrepreneurial spirit of Chas Walker and HMG's business plan. This combination is positioned to grow HMG into a major player in the state of Louisiana."

"We are excited to have HMG join us here in Hollywood South," said New Orleans Mayor C. Ray Nagin. "We are proud to welcome this African-American owned company, which adds another piece to the development of our creative economy."

"HMG provides producers, artists, directors and entertainment entrepreneurs a turnkey solution to produce compelling urban content here in Louisiana," said Don Hutchinson, Economic Development Director of New Orleans. "With the support of FBT, the State, the City and its strategic partners, HMG can become a dominant player in entertainment production and distribution. We are pleased to be a part of this exciting vision."

HMG currently co-produces, with VIBE magazine, "Weekend VIBE," a weekly one-hour magazine-style television series that focuses on the world of urban entertainment and hip-hop music. In addition, the company will continue to syndicate the Heritage Classic and Prime movie packages. HMG also recently announced new programming offerings at NATPE 2005, including "HIP HOP HOLD 'EM," a hip new weekly television show that will deliver the most exciting poker entertainment experience on television today, and "That's Hot," a gear and gadgets smorgasbord for consumers and advertisers alike.

HMG Media Sales is located in New York City, with HMG Entertainment and Production offices in New Orleans and HMG Media Distribution in Los Angeles.

About HMG

HMG is a leading creator, producer and distributor of entertainment content and marketing programs for the growing audience of multi-racial consumers who embrace urban entertainment. HMG currently produces "Weekend VIBE," the weekly syndicated entertainment show based on VIBE Magazine, the leading entertainment magazine for the urban marketplace. As well, HMG is syndicating a number of classic and top urban-themed films. HMG has offices in New York, Los Angeles and New Orleans.

Note: This Press Release contains forward-looking statements. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially.