Streaming Media, Inc. Acquired by Penton Media, Inc., in $100 Million Deal

Streaming Media, Inc. has been acquired by Penton Media, a leading diversified business media company which produces market-focused magazines, web sites, trade shows, and conferences, such as Internet World the leading conference and magazine covering the Internet industry. The purchase price was $65 million, plus contingent consideration of up to $35 million based on the achievement of specified business targets in 2001.

Richard Bowsher, president and chief executive officer, Streaming Media said, "There is incredible synergy to be harnessed between Penton and Streaming Media; we share a common vision of how diversified media companies should be developed to best serve rapidly growing technology markets. We're looking forward to turbo-charging our leading industry position with Penton's wealth of experience, leading Internet/media industry resources and global infrastructure."

The acquisition of Streaming Media, Inc. accelerates various goals within the company through the additional resources provide by Penton Media, Inc. The streaming media and broadband content business is growing steadily and more companies are partaking in this new medium, providing a solid foundation for the future. Streaming Media, Inc. looks forward to working closely with the various Penton Media sectors in developing an even more dynamic multi-media company.

Thomas L. Kemp, Penton's chief executive officer, said Streaming Media's products will further strengthen Penton's media leadership position in the Internet/broadband sector.

"Our strategy for building Penton includes identifying the emerging and fast-growing markets in the sectors we serve and providing these markets with a complete array of media channels. The streaming media segment is clearly among the fastest growing segments of the Internet and broadband space, in which Penton already holds a leadership stake through its global Internet World media franchise and its growing in-print, in-person and online media products for the ISP, CLEC, ASP, and wireless Internet markets worldwide. We expect the Streaming Media group to be another fast-growth component of Penton's dynamic portfolio."

Streaming Media, Inc. is based in San Francisco and has 38 employees. Its Streaming Media Europe Conference and Exhibition is next scheduled for Oct. 10-12 at Earls Court Centre in London. Streaming Media West will take place Dec. 12-14 at the San Jose McEnery Convention Center. The next West Coast event will be staged June 20-22, 2001, in Long Beach, Calif. Streaming Media plans to add a Streaming Media trade show in Hong Kong in 2001. In addition to exhibits, the Streaming Media events offer conference tracks in the areas of content, business, and technology.

Streaming Media, Inc. will merge into the Technology Media Division of Penton Media, keeping current operations and management in place. "We see a number of productive synergies with the Streaming Media group and our Internet World and Stardust.com teams," noted David B. Nussbaum, president of the division. "We're tremendously excited about leveraging our collective expertise, market relationships and the power of our media brands to continue to build Penton's position in the worldwide Internet media arena. Adding the Streaming Media group to our Internet World global portfolio, our leading ISP brands, such as ISPCON and Boardwatch, and our new products in the ASP and mobile commerce industries continues Penton's goal of serving the worldwide Internet industry with a vast array of media products."

"The Streaming Media tripod broadens our Internet portfolio to include a company that targets the leading technology, content production and media delivery companies in the streaming industry," Nussbaum continued. "As broadband continues to develop, streaming audio and video are expected to grow in strength and popularity, and Penton believes that the Streaming Media events, the powerful streamingmedia.com Web site, and the new magazine will be positioned for leadership in this very significant market."

The company will continue to do business as Streaming Media, Inc., receiving additional support from Penton Media, Inc. Streaming Media, Inc. will maintain its editorial vision of providing the streaming media industry with the latest news, information, and in-depth industry analysis.