New Bear Stearns report analyzes market potential of New Age Media, assesses corporate players.

NEW YORK--(BUSINESS WIRE)--Dec. 7, 1994--"The creation of a fully interactive nationwide communications network could open up the largest market opportunity in history -- possibly generating several hundred billion dollars in new net GNP growth over the next 15 years," predicts Clifford H. Friedman, a senior media and technology analyst with Bear, Stearns & Co. Inc., in the recently published, New Age Media II: The Merging of Media, Communications, Computing & Consumer Electronics.

The report is a comprehensive look at the forces currently shaping the development of New Age Media. Focusing on six issues that he believes will have the greatest impact on this emerging market, Mr. Friedman analyzes trends that could spur market growth over the next decade and recommends investment opportunities from among the companies strategically positioned to reap the benefits.

The key areas affecting the market, according to the report, are:

o Regulatory issues and policy changes governing the

telecommunications and media industries;

o Strategic alliances, mergers and acquisitions pursued by

media, communications, computing and consumer electronics

companies;

o Globalization of the market;

o Transport companies dominating the distribution side of the

new communications network;

o Opportunities for Content Producers;

o Technological advances taking place in the Technology Enabler

segment.

According to New Age Media II, as development of the new communications infrastructure accelerates, technologies will collide causing services to overlap and boundaries between industries to blur. The companies that will flourish in the future are those that continually strive to improve the technology content of their products or services, whether they be Content Producers, Transport companies or Technology Enablers.

"The best way to play the New Age Media theme is to own a portfolio of the stocks of companies that have already made many of the necessary investments to become major players in the global multimedia opportunities of the future," states Mr. Friedman. "Their strategic thinking shares a common intent -- to create value by fusing technology with content of media."

A senior managing director with Bear Stearns since 1990, Mr. Friedman earned his bachelor of science degree in electrical engineering and computer science and his masters in electro-physics from the Polytechnic Institute of New York. He also received an MBA in finance and investments from Adelphi University. Mr. Friedman, whose articles have appeared in various financial and technical journals, holds two patents in the field of communications.

Bear, Stearns & Co. Inc., a leading worldwide investment banking and securities trading and brokerage firm, is the major subsidiary of The Bear Stearns Companies Inc., a New York Stock Exchange listed company (NYSE: BSC). With approximately $5.7 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, asset management, correspondent clearing, securities lending and custody services. Headquartered in New York City, the company has over 7,600 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, San Francisco and Washington, D.C.; and an international presence in Beijing, Buenos Aires, Frankfurt, Geneva, Hong Kong, Karachi, London, Madrid, Manila, Paris, Sao Paulo, Shanghai, Singapore and Tokyo.

CONTACT: Bear, Stearns & Co. Inc., New York

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