RHNMedia Rated 'Speculative Buy,' Target Price $0.88 by Beacon Equity Research.

DALLAS -- RHNMedia (Pink Sheets: RHNA) has been rated "Speculative Buy" with a target price of $0.88 by Beacon Equity Research Analyst, Lisa Springer, CFA.

The full report is available at http://www.BeaconEquityResearch.com.

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In the report, the analyst writes, "RHNMedia provides round-the-clock exclusive Hip Hop music, lifestyle and culture. The Company operates the first 24-hour cable network dedicated exclusively to Hip Hop. It is establishing strong distribution channels for its content and aggressively expanding its programming to capitalize on the growing popularity of Hip Hop music, with the goal of achieving profitability in 2007.

"RHNMedia currently broadcasts to approximately 22 million U.S. households through Dish Network (Nasdaq: DISH) (Channel 9407), Comcast (Nasdaq: CMCSA) in Denver (Channel 55) and in LA on Adelphia (OTC: ADELQ) through a programming agreement with CoLours TV. Its distribution through OlympuSat provides 24-hour access to approximately 15 million homes, with that number expected to grow to approximately 43 million homes by 2008. RHNMedia has also entered into a partnership with ROO Group Inc. (OTCBB: RGRP) for IP distribution of its content.

"RHNMedia has identified leading Hip Hop media companies and is working with them to jointly develop programming content and a differentiated product. The Company has formed a partnership with Source Magazine, a leader in Hip Hop publishing. Both RHNMedia and Source Magazine plan to cross-promote their products on the new 'Down Radio Show' to be aired soon on XM satellite radio. This deal should add potentially 41.5 million listeners to the RHNMedia audience, including 20 million XM satellite listeners and 21.5 million subscribers across radio, television and print media platforms to drive advertising revenues in the year of RHN.TV's launch."

Beacon Equity Research Disclosure

The analysts contributing to this report do not hold any shares of RHNMedia (RHNA.PK). Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts' personal views as to the subject securities and issuers. The analyst(s) writing this report recognize and aspire to all of the CFA Institute Guidelines for Independent Research. Beacon Equity Research ("Beacon") certifies that no part of the analysts' compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analysts in the report. Beacon and its affiliates have directly been compensated a total of six hundred thousand free trading shares by a non-controlling third party for enrollment in its research program. Potential investors should regard this as a potential conflict of interest. Beacon intends to sell these shares in the open market after the report has been issued. This selling may negatively impact the value of the share price. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change, and should not be construed as an investment recommendation of any kind.

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