SurferNETWORK.com to Buy Radio Assets from GlobalMedia.com

In a restructuring of its business, Internet broadcasting and e-services provider GlobalMedia.com (www.globalmedia.com), has announced the sale of its radio contracts and related assets to SurferNETWORK.com ( www.surfernetwork.com) .

SurferNETWORK will pay GlobalMedia a combination of cash and equity for the radio assets, and give GlobalMedia a seat on its board. Closing of the transaction is expected to be in late January 2001, and is subject to completion of due diligence and signing of the definitive agreements.

Previously, SurferNETWORK announced the acquisition of Broadcast America, pending Broadcast America's successful completion of Chapter 11 proceedings. Both companies are in the business of helping terrestrial radio stations stream their signals over the Internet. Together, the two companies stream more than 1,000 radio stations.

New Jersey-based SurferNETWORK, with just 20 employees, claims a portfolio of more than 250 radio stations. That number will now increase with the addition of GlobalMedia's radio contracts. SurferNETWORK also provides an in-stream targeted ad insertion system, similar to those offered by Coollink Broadcast Network (CLBN), iBEAM, and Activate.

GlobalMedia will now focus on video delivery over the Internet. The company has signed contracts for such clients as the National Football League, 4Kids Entertainment, WorldHockeyNetwork, AccuWeather and ClassicMovies.com. The company will continue to focus on the development of its next generation technology, which is targeted for the rapidly growing broadband and wireless markets. The agreement also provides GlobalMedia with interim funding.