Arena Media Networks Announces Significant Minority Investment by Brooklyn NY Holdings

NEW YORK, Jan. 8 /PRNewswire/ -- Arena Media Networks LLC (AMN) today announced the completion of a significant minority investment transaction with Brooklyn NY Holdings (BNYH), the asset and investment management company of the Lerner Family, owners of the Cleveland Browns and the Aston Villa Premier League football club. Completed October 31, 2007, BNYH's investment includes both equity and debt investments. The use of these proceeds was to redeem certain equity and repay debt, and will provide AMN with additional growth capital to expand its business.

Founded in 2003, Arena Media Networks (AMN) owns and operates the nation's largest network of digital displays in sports and entertainment venues across the United States. Advertisers purchase time on the network to present product and service information that is interspersed with real-time programming, including live scores, statistics, news, and weather information.

"We are excited to be partnering with AMN and its management team. The company is a leading innovator in digital out-of-home advertising focused on sports and entertainment venues", according to Mark Monaco, Head of Principal Investments, Brooklyn NY Holdings. "As our investment suggests, we strongly believe that AMN is on its way to redefining and leading the way brands think about in-arena marketing."

BNYH's investment provides AMN with the necessary capital to greatly expand its platform, including expansion of the AMN corporate team, as well as a widened national digital marketing network reaching new sports and entertainment venues. In addition, this working capital will allow AMN to provide new advanced digital marketing capabilities for its customers.

"It has been a strong year for AMN, during which we rolled out our network in several new major league ballparks and struck an exciting content deal with NBC Universal," says Art Williams, chairman of Arena Media Networks. "We believe this infusion of investment capital will allow us raise the awareness of our unique offerings, and further expand our network for our customers and partners."

About Arena Media Networks

Arena Media Networks (AMN) is a national sports and entertainment media company, that provides a unique combination of live programming and advertising on hundreds of strategically placed, high-definition digital displays in arenas and stadiums throughout the United States. To date, AMN's national network is available in more than 35 sports and entertainment venues nationwide, reaching more than 85 million fans attending sporting events, concerts, family programming and other entertainment events. For more information, please visit www.arena-media.com.

About Brooklyn NY Holdings

Brooklyn NY Holdings (BNYH) is an asset management and investment firm with in excess of $4 billion of assets under management. BNYH's investment activities include public market equity and fixed income portfolios, alternative investments, real estate, and direct private equity investments. BNYH represents the Lerner Family and their affiliated entities. Existing and past direct investments have included MBNA Corp., Progressive Insurance, Equitable Bank, Town & country, Surefire Holdings, the Cleveland Browns and Aston Villa (English Premier League Football Club).