Portfolio News

Jan 17, 2000

Leading Media, Internet and Entertainment Executives Form Fusient Media Ventures

Company to Launch with $30 Million in First Round Financing Redpoint Ventures is Lead Investor; Allen and Company on Board

New York, NY, January 17, 2000 - Fusient Media Ventures, a full-service content incubator committed to identifying, funding and distributing the next generation of programming built around the Internet, launches today backed by a veteran team of media, Internet and entertainment industry veterans. Fusient's founding partners are, Brian T. Bedol, former Time Warner executive, and creator and co-founder of Classic Sports Network, Stephen D. Greenberg, former Deputy Baseball Commissioner, and co-founder of Classic Sports Network, and Tom Lassally, former executive vice president of Warner Bros. The founding investors include Redpoint Ventures, whose partner Geoff Yang will serve on the board of Fusient, Allen and Company, Waterview Partners, Grotech Capital Group, Berkshire Partners and Monitor Clipper Partners.

Fusient will provide entrepreneurs and creators with early stage funding, an infrastructure, top management support, and a distribution organization to allow them to build businesses that will be the ultimate beneficiaries as the Internet shifts from a technological bias to a broadband and content driven industry. Fusient founders' early investments are content companies like Broadband Sports, Gamesville.com, Akamai and Tunes.com.

"Now that the Internet infrastructure is in place, the next battle will be over content," stated Fusient CEO Brian Bedol. "Investing in, and launching content businesses is a very different exercise than creating technology. Over the next few years the importance and value of content will grow exponentially as the major Web players recognize that superior content is their only sustainable competitive advantage. The winners will be those with unique and exclusive content, and the ability to promote this content."

"Brand loyalty on the Internet will be built around those with the best content," said Geoff Yang, partner of Redpoint Ventures, and a member of Fusient's board of directors. "We think that Fusient's business concept is unique and exciting, and we believe that very quickly they will become one of the most important players in Internet content."

The core management team also includes Bill Marcus who joins Fusient as senior vice president of distribution. Other key executives will be announced shortly.

Fusient is set up to attract the best creative producers to develop content that will work for a variety of genres; from entertainment and information services, to finance and commerce.

Fusient's Brian Bedol and Stephen Greenberg have successfully collaborated in the past on the launch of Classic Sports Network (now called ESPN Classic). Bedol was part of the team that launched such durable content brands as Nick-at-Nite, Court TV and MTV: Music Television. As Deputy Commissioner and Chief Operating Officer of Major League Baseball, Greenberg oversaw the league's content rights agreements among other responsibilities. The executive sits on a number of corporate boards including The Topps Company and Global Education Network.

Fusient also draws on the expertise of some of the entertainment industry's top executives including Tom Lassally, president, West Coast, who was Warner Bros. executive vice president of theatrical production and Bill Marcus, previously senior vice president of Miramax in charge of international distribution.

"We believe that it takes more than just speed to market to launch a great new content company. Successful content companies are built around management talent, unique concepts, precision research, market access and powerful promotion," said Greenberg, chairman of Fusient. "Our management has the operating and investing experience to identify these nascent businesses and the patience to help grow them."

Fusient will incubate ideas and companies developed both externally and internally. The company will operate as the early-stage content investment vehicle for its investors, evaluate new content business ideas and first-round investment opportunities, as well as develop new concepts internally that will be funded and packaged with talented management. As its partner companies grow, Fusient will work with its investors and other leading venture capital companies to provide the later-stage capital for accelerated growth. Companies interested in presenting business plans to Fusient may contact the company through newbiz@fusient.com.

Contact:

John Murphy
mPRm Public Relations
(212) 268-3080
jmurphy@mPRm.com

Jim Bolen
mPRm Public Relations
(212) 268-3080
jbolen@mPRm.com