January 28, 2005

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


Pay TV Channel Operator and Distributor
Zone Vision Sold To UnitedGlobalCom, Inc.

Tampa, Florida. Communications Equity Associates (“CEA”) announced today that chellomedia, the European content subsidiary of UnitedGlobalCom, Inc. (“UGC”) (Nasdaq:  UCOMA) has acquired an 87.5% interest in London-based Zone Vision Networks Ltd. (“Zone Vision” or the “Company”) from its current shareholders, including Advent International Corporation.  Zone Vision is an innovativ e and fast growing programming company focusing on the ownership, management and distribution of pay television channels. Zone Vision owns and operates three thematic channels: Reality TV, Europa Europa and Romantica, which are broadcast in over 125 countries in 18 languages, with over 135 million paying subscribers. In addition, its channel representation business currently represents over 30 international channels from companies such as Discovery, Viacom, Turner, Hallmark and Eurosport, managing over 60 million subscribers.

Total consideration for the transaction amounted to $50 million in cash and $15 million in UGC stock.  The stock is subject to a five-year vesting period.  As part of the transaction chellomedia will also contribute to Zone Vision the 49% shareholding it already holds in Reality TV Ltd. and chellomedia’s Club channel business.

CEA International Limited represented Zone Vision in the transaction.

Notes For Editors

Since Zone Vision was first launched in 1991 by Chris Wronski, it has grown to become a leading international broadcaster and distributor of thematic television channels.  The Company has 18 offices and studios throughout Europe, the United States, Asia and Latin America and employs over 190 local staff.  In addition to its channels and representation businesses, Zone Vision’s program distribution arm, Zone Licensing, continues to acquire formats, series and specials from leading producers around the world.

UGC is a leading international provider of video, voice and broadband Internet services with operations in 15 countries, including 12 countries in Europe.  Based on UGC’s operating statistics as of September 30, 2004, its networks reached approximately 15.5 million homes passed and served over 11.1 million revenue generating units (“RGUs”), including approximately 9.1 million video subscribers, 761,000 telephone subscribers and 1.3 million broadband Internet subscribers.

Founded in 1973, 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 has completed over 900 transactions totaling $40 billion in 60 countries. CEA’s affiliates also manage, co-manage or participate in a worldwide family of private equity funds with committed capital of approximately $1.15 billion for private equity investments in the industries CEA serves. Included in this amount is an ownership interest in the general partner of a €367 million European-based private equity fund.  CEA’s reputation and track record of success are built on delivering innovative, value-added solutions and services to clients worldwide. CEA Media Group, LLC is a member of the NASD and SIPC.