Aug. 11, 2004

NEW YORK, August 11, 2004 - College Sports Television (www.collegesports.com) announced today that it completed a Series C equity round and secured a $25 million investment from JPMorgan Partners (JPMP), the private equity arm of JPMorgan Chase & Co. The New York City Investment Fund, along with several existing CSTV investors, has contributed an additional $12 million to the round. CSTV investors include Constellation Ventures, Allen & Co. and The Coca-Cola Company.

College Sports TV currently has agreements with distributors that represent more than 52 million homes nationwide, including the top three national distributors: Comcast, DirecTV and Time Warner Cable.

College Sports TV is available via cable in markets including Los Angeles, Detroit, Houston, Cleveland, South Florida, Milwaukee, Minneapolis/St. Paul, San Diego, Kansas City and Indianapolis. The network is expected to launch soon in Chicago, Baltimore, Philadelphia, San Francisco, Pittsburgh, Dallas, Seattle and Denver.

"CSTV, the only national sports network with headquarters in New York City, has created more than 100 jobs at its offices and studios at Manhattan's Chelsea Piers," said Kathryn S. Wylde, President and CEO of the Partnership for New York City, and its affiliate, the New York City Investment Fund, a private fund that invests in New York City entrepreneurial ventures. "We support CSTV's investment in New York City, and we applaud its promotion of amateur athletics at a time when the city seeks to host the 2012 Summer Olympics."

The breadth and depth of CSTV's college sports coverage:

· College Sports TV has televised more than 5,000 hours of original programming since launching last year, covering more than 30 men's and women's college sports

· College Sports TV programming covers more than 1,000 colleges and universities spanning all conferences and divisions

· CollegeSports.com and its network of nearly 160 official athletic sites for colleges and athletic conferences and associations generate more than 8 million unique users and 220 million page views each month

· CollegeSports.com presents live video and audio of more than 4,500 college sports events a year

· CollegeSports.com's GameTracker feature provides live statistics and scores for more than 13,000 college sports events a year

· CollegeSports.com's constantly updated scores and headlines are available across a number of wireless platforms

· College Sports TV programming is available on mobile phones via MobiTV's live streaming television content service

The college sports landscape:

· College sports account for nearly $11 billion in annual revenue, equivalent to the NFL, MLB and NBA combined

· The total estimated disposable income of college sports fans in 2003 was $4.6 trillion

· More than 120 million people have graduated from or have attended college

· 91 million people attend NCAA sports events annually

· More than 70,000 college sports events are contested each year in Division I alone

College Sports Television was co-founded by President and CEO Brian Bedol, Chairman Steve Greenberg and Executive Vice President Chris Bevilacqua. Bedol and Greenberg co-founded Classic Sports Network, which they sold to ESPN. It is now ESPN Classic. Bevilacqua is a former senior executive with Nike Inc., where he headed the company's successful foray into the college market.

About JPMorgan Partners:

JPMorgan Partners (JPMP) is a global partnership with approximately $15 billion in capital under management (as of June 30, 2004). It is a leading provider of private equity and has closed over 1,300 individual transactions since its inception in 1984. JPMP has approximately 120 investment professionals in nine principal offices throughout the world. JPMorgan Partners is the private equity arm of JPMorgan Chase & Co. (NYSE: JPM), one of the largest financial institutions in the United States. For additional information, please visit our website at www.jpmorganpartners.com .

About The New York City Investment Fund:

The New York City Investment Fund (www.nycif.com), an affiliate of the Partnership for New York City, the city's leading business organization, is the vision of Henry R. Kravis, founding partner of Kohlberg, Kravis, Roberts & Co., who serves as its Co-Chairman, along with Russell L. Carson, General Partner of Welsh, Carson, Anderson & Stowe. The Fund's goal is to mobilize the city's world financial and business leaders to help build a stronger and more diversified local economy. To that end, the Fund has built a network of top experts from the investment and corporate communities who help identify and support New York City's most promising entrepreneurs in both the for-profit and not-for-profit sectors.