NEWS

ABRY Announces Investment in Legendary Pictures

Boston (June 22, 2005) – ABRY Partners recently completed a mezzanine investment in Legendary Pictures, a motion picture production vehicle that has a multi-year, 25-picture agreement, subject to certain provisions, with Warner Bros. Pictures. Legendary will be investing approximately $500 million in a variety of films to be jointly produced with and distributed by Warner Bros. Pictures. The slate under this agreement will include a variety of films, among them major event releases and pictures of varied genres. In addition to partnering on Warner Bros. Pictures-developed projects, Legendary Pictures will actively develop its own projects as a part of the 25-picture slate.

The Legendary management team includes:

Thomas Tull, Chairman and CEO of Legendary Pictures, has most recently been president and a director of The Convex Group, a media and entertainment holding company.

Chris Lee, Legendary’s President, will manage the relationship with Warner Bros. Pictures’ development teams. He is the former head of production for TriStar Pictures and Columbia Pictures.

Scott Mednick, Chief Marketing Officer of Legendary Pictures, has been a leader in the entertainment, marketing and technology sectors for the last 25 years. He has been involved in the marketing for more than 170 films.

Larry Clark, COO and CFO of Legendary Pictures, will oversee finances and day-to-day operations. He was most recently CFO for Creative Artists Agency and, prior to that, was Senior Vice President, Corporate Development, for Sony Pictures Entertainment.

William Fay, President of Physical Production for Legendary Pictures, has produced or executive produced such films as The Patriot, Godzilla and Independence Day.

ABRY Partners, based in Boston, is one of the oldest and largest private equity funds in North America investing exclusively in media and communications companies. ABRY has over $7.0 billion of assets under management and since 1989 has completed over $17.0 billion of leveraged transactions in the media and communications industries.