January 30, 2004

Contact: J. Patrick Michaels, Jr.
(813) 226-8844



Tampa, Florida, USA - CEA and its affiliate, CEA-Europe, announced that the firm completed 27 investment banking and corporate finance transactions totaling approximately $2.7 billion in volume. In addition to transactions which closed prior to December 31, 2003, CEA also handled a number of consulting and evaluation projects both domestically and overseas.

J. Patrick Michaels, Jr., Chairman and CEO stated, "While CEA, like other investment banking firms, has faced difficult challenges during the past three years, our 2003 results are positive and indicate that business is improving in all sectors. CEA has provided investment banking and corporate finance services to the media, entertainment, and communication technologies sectors since 1973.

"CEA manages, co-manages, or participates in general partnership interest in ten funds around the world totaling approximately $1.15 billion. These funds invest in the media, entertainment, communications and technology sectors. It is our goal to launch a new $350 million buyout fund this year which primarily focuses on the U.S. and certain western European countries," Michaels stated. "We are currently discussing this fund with several major institutions who have shown considerable interest."

Dr. Stephan Goetz, Chairman of CEA-Europe, also commented on 2003 results: "It was an excellent year for us in Europe and we were pleased to participate in one of Europe's largest cable television transactions. Over the years we have been fortunate to become a major force in investment banking activities for European media companies in Germany."

Michaels, who founded CEA in 1973, noted that CEA has completed over 800 transactions during the past 30 years totaling $35 billion in more than 50 countries. CEA has provided M&A, corporate finance and consulting services internationally since 1981.

Tampa, Florida-based CEA and affiliated companies have offices in New York, Philadelphia, Westport, Miami, London, Munich, Düsseldorf, Prague, Paris, Madrid, Singapore and Sydney.

CEA is a leading provider of investment banking services and private equity to the global media and entertainment, communications and information technology industries. With a team of highly experienced personnel worldwide, CEA has an unequaled depth and breadth of industry knowledge, expertise and long-standing industry relationships. CEA's affiliates also manage, co-manage or participate in general partnership interests in a worldwide family of funds with committed capital of approximately $1.15 billion for private equity investments in the industries CEA serves. CEA's reputation and track record of success are built on delivering innovative, value-added solutions and services to clients worldwide.