Contact: Judy McDonough

Compendia Music Group                                                                                        

615-277-1824

jmcdonough@compendiamusic.com

Compendia Media Group Launches After Reorganization of Platinum Entertainment
Music Division Starts Fast By Retaining Distribution Network, Top-Selling Labels and Huge Library of Gospel, Adult Contemporary, Country, and Classical Masters

LOS ANGELES, CA - (November 29, 2002) Compendia Media Group (Compendia), a new integrated media and entertainment company, launched operations today after a unique reorganization that has sustained one of the music industry’s largest master recordings catalogs and initiated growth of a new entertainment media brand. Martin Tudor, president and chief executive officer, made the announcement.

Compendia was formed as a result of the federal bankruptcy court administered reorganization of Platinum Entertainment. The Company has established Music, Home Video, Direct Marketing, Music Publishing, Interactive, Television and Film divisions to support the company’s involvement in other areas of the media business worldwide.

Compendia’s primary initial focus will be supporting the Compendia Music Group, which officially launched today. Compendia Music Group produces, markets and distributes recorded music in top-selling gospel, Christian, adult contemporary, country, rock, and classical formats. Compendia Music Group’s substantial library consists of more than 10,000 master recordings, previously owned by Platinum Entertainment.

Prior to being named as President and Chief Executive Officer, Tudor was a consultant, retained by Platinum Entertainment to lead the reorganization process. Unlike many entertainment and media industry reorganizations, in which company assets are sold to pay debt, Tudor recognized the value of the bankrupt company’s master library and the substantial breadth of popular talent it comprised and how those assets could be used to revive the popular record company and establish a new entertainment media brand.

"Compendia Media Group’s paramount initial goals are to re-introduce the popular labels and artists of Compendia Music Group to consumers, achieve the satisfaction of our retail partners and grow the other areas of our media business," said Tudor. "The Compendia Music Group’s unmatched library in the music business is a consistent money-maker for our retail partners, and its success is the primary objective of our initial business operations."

Tudor and Compendia Media Group management, Home Video, Interactive and Television and Film divisions will be based in Los Angeles. Michael Olsen, chief operating officer, and Compendia’s Music, Direct Marketing, and Publishing Groups will be based in Nashville. Compendia’s distribution, financial operations and customer service operations will be based in Atlanta.

"In addition to our support for Compendia Music Group, our efforts will focus on building the Compendia brand by establishing franchise relationships with producers, artists, writers and others in the creative community worldwide through our other divisions, including home video, television, film and interactive," said Tudor.

Compendia Music Group’s library includes titles from popular country and rock artists ranging from the Oak Ridge Boys to the Beach Boys, and from classical catalogs of the Royal Philharmonic Orchestra and funk legends George Clinton and the Gap Band to top-selling gospel artists, Vicki Winans and the Mighty Clouds
of Joy.

"We are building a company that would be prohibitively expensive to build from scratch. This unique opportunity allows us to start business operations immediately and support the growth of other areas of the company, " said Tudor.

Tudor has recruited several industry veterans for the Compendia Media Group senior management team, including Olsen, and Dailey Kennedy, the company’s Chief Financial Officer. 

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