Completes $35 Million Round of Financing Led by Quadrangle

Tue Oct 21, 2008 1:00pm EDT

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Quadrangle's Daniel Rosensweig and Andrew Frey to Join's Board of

NEW YORK and LOS ANGELES, Oct. 21 /PRNewswire/ -- Media Corporation
(""), a leading digital media company that owns and operates the portal and a growing number of content destinations today announced
that is has completed a $35 million round of financing, which was led by
Quadrangle Capital Partners ("Quadrangle"), an affiliate of private investment
firm Quadrangle Group.  The transaction, which closed on September 8, 2008,
was financed through newly issued preferred stock.

The proceeds from the financing will provide capital to further accelerate's growth, including initiatives such as content creation, vertical
site development, selective acquisitions and new management hires.  Daniel
Rosensweig, Operating Principal at Quadrangle, and Andrew Frey, a Principal,
will join's board of directors.  Mr. Rosensweig leads Quadrangle's
Silicon Valley office, and formerly served as Chief Operating Officer of
Yahoo!, where he was responsible for product development, marketing,
international operations, and North American operations. provides free web-based email services to over two million users, and
has the exclusive ability to offer over 400 specialty email addresses like  The portal is a content distribution platform
that partners with leading content publishers.  The company also operates a
series of leading vertical content destination sites such as HollywoodLife and  Founded in the late-1990s, was re-launched by founder
and current CEO Jay Penske in May of 2007.

Mr. Penske said, "We look forward to welcoming Quadrangle as a valuable
partner in, and Andrew and Dan to our board of directors. 
Quadrangle's sector experience, internet expertise and extensive network of
relationships will provide meaningful benefits to as we continue to
broaden our portfolio of brands, and accelerate the growth of our company." 

Mr. Rosensweig said, " is a profitable, rapidly growing business with
a strong management team and attractive products.  We look forward to working
with Jay and his team to accelerate the company's development.  This
transaction is consistent with Quadrangle's strategy of investing in media and
communications companies with high growth potential and demonstrates the
quality of opportunities we are able to capitalize on now that we have a solid
presence in Silicon Valley."

About Quadrangle Group LLC
Quadrangle Group LLC is a private investment firm with more than $6 billion of
assets under management. Quadrangle invests in media and communications
companies through separate private and public investment strategies and across
all asset classes through its asset management business. All investment
strategies seek to maximize value by leveraging the investment team's
extensive experience, knowledge and industry relationships. Quadrangle has
offices in New York, London, Hong Kong and Silicon Valley. For more
information, please visit

About MMC Media Corporation (MMC) is a leading digital media company that owns
and operates the portal and a growing number of essential online
content destinations. The company also provides a suite of private-label
services to consumers through its relationships with top content brands and
their websites.

SOURCE  Quadrangle Group

Lex Suvanto, or Adam Miller,, both of The
Abernathy MacGregor Group, +1-212-371-5999, for Quadrangle; or Petra Olsson of Media Corporation, +1-310-321-5000,
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