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U S WEST Media Group Invests in Student.Net Publishing
March 13, 1997

Englewood — March 13, 1997 — Today, U S WEST Interactive Services, a part of U S WEST Media Group (NYSE: UMG), acquired a 35 percent stake in Student.Net Publishing, an Internet publishing company founded in November 1995 by students at Yale University and Columbia University Universities. This is Student.Net Publishing’s first outside financing, and U S WEST Interactive is the sole investor.

Student.Net Publishing, based in New Haven, Conn., operates Student.Net (http://www.student.net), a critically acclaimed World Wide Web site for college students. Students can read lively articles written by college journalists around the world on everything from quirky university personalities and traditions, to hard-hitting political coverage, to humorous essays about job rejection letters. The site also features award-winning interactive services such as ‘TV Search & Remind,’ searchable television listings that send users reminders about shows by electronic mail; ‘Personal Page Direct,’ the most comprehensive guide to student homepages available on the Internet; and ‘Yenta: The Student.Net Matchmaker,’ a dating service.

“Although we don’t typically invest in first-round financing, Student.Net Publishing is a compelling partner for U S WEST Interactive,” said John O’Farrell, U S WEST Interactive president. “The Student.Net site appeals to college students, an important audience for the Internet and for advertisers.” About 98 percent of the 8.8 million four-year college students in the United States have free access to the Internet and they spend more time online than any other group — about five hours each week.

“The popularity of Student.Net can be traced to the fact that it’s built for college students by college students,” noted O’Farrell. “So in addition to providing access to practical and interesting information, the editorial tone of Student.Net also rings true across college campuses.”

“We’re thrilled to be working with a renowned company like U S WEST Media Group,” said Stewart Ugelow, Student.Net president and CEO. “The combination of our skill in developing innovative online content and U S WEST’s unparalleled marketing and distribution channels make this a perfect strategic partnership.”

As a part of the investment, Student.Net Publishing will work with U S WEST Interactive to develop local editions of the Student.Net web site for universities located in cities served by DiveIn, U S WEST’s Web-based community information service slated to launch in ten cities this month. In addition, Student.Net Publishing will develop audio and video programming maximized for the high-speed, broadband capabilities of cable modems and networks provided through U S WEST Media Group’s businesses.

“Cable modems are about more than getting the same content everyone else gets faster,” said O’Farrell. “We’re committed to providing genuinely new programming and applications that enrich the experience of Internet users who connect using cable modems.”

To that end, U S WEST Interactive has taken an aggressive posture in the Internet content marketplace. Student.Net is the sixth equity-based partnership the company has formed since last summer. U S WEST Interactive also holds stakes in SportsLine USA, Preview Travel, golf.com, The Trip.com and VDOnet. In addition, the company is a limited partner in a venture capital fund sponsored by Kleiner Perkins and aimed at Java technology-based companies.

About U S WEST Media Group

U S WEST Interactive Services is part of U S WEST Media Group, one of America’s largest broadband communications companies. Media Group is involved in domestic and international cable and telephony, wireless communications, print and Internet directories and information services. For 1996, Media Group reported proportionate revenues of $6.4 billion. U S WEST Media Group has the third largest domestic cable footprint passing 27 million American homes in 60 of the top 100 U.S. metropolitan areas.

U S WEST Interactive packages Internet content that complements U S WEST Media Group’s extensive national and international distribution. To do so, U S WEST Interactive has made strategic investments in world-class Internet companies, and will launch DiveIn, its Web-based community information service in ten metropolitan areas in March 1997.

Media Group is one of two major groups that make up U S WEST, a company in the connections business, which helps customers share information, entertainment and communications services in local markets worldwide. U S WEST’s other major group, U S WEST Communications, provides telecommunications services to customers in 14 western and midwestern states.