Gravity Games To Form Separate Company To Build Upon Success Of The Gravity Brand

NEW YORK, NY – PRIMEDIA (NYSE: PRM), the leading targeted media company, Octagon, the global sports marketing arm of the Interpublic Group; and NBC Sports announced today the creation of a strategic partnership that will be responsible for the management and continued development domestically and internationally of the Gravity Games, the action sports, music and lifestyle property and brand.

Entering its fourth year, the Gravity Games is the highest-rated and most-attended action sports event. The Gravity Games features more than 250 of the world's best professional action sports athletes competing in 16 events such as skateboarding, BMX and freestyle motocross and capture the lifestyle of those sports through live music and interactive elements.

"NBC has been with the Gravity Games since its inception and have always loved the Gravity competitions, athletes and young viewers," said Dick Ebersol, chairman, NBC Sports. "However, we believe this new alliance with PRIMEDIA and Octagon will offer an exciting opportunity to develop Gravity into an even bigger and more global brand."

In the new Gravity Games relationship, PRIMEDIA, Octagon and NBC Sports will all have stake in the success of the venture and be actively involved in the future growth and expansion of the Gravity Games including property management, global expansion, sales and sponsorships. During the first three years of the action sports event, the Gravity Games was wholly owned by emap usa and Octagon’s and NBC’s responsibilities were limited to event management and television production respectively. Primedia acquired the Gravity Games last year as part of its overall acquisition of emap usa.

As part of the new Gravity structure, PRIMEDIA expects to leverage strategic assets such as Channel One, the teenage-oriented/in-school cable network; About.com, the highly trafficked, special interests web portal and its action sports (Bike, Dirt Rider, MX Racer, Powder, Skateboarder and Surfer) and youth-focused magazines to enhance the Gravity brand.

"The Gravity Games is the premier action sports event for athletes, spectators and advertisers," said Tom Rogers, Chairman and CEO of PRIMEDIA. "We believe the potential to grow this brand is endless and that the creation of a separate Gravity Games company will provide the right vehicle to tap Octagon’s and IPG’s global reach, NBC’s sports expertise in building audience loyalty in marquis sports events, and PRIMEDIA’s leadership in action sports through our integrated media platforms."

Octagon will utilize its global resources and action sports expertise that spans event management, property sales and representation, skateboard design/construction, athlete representation, corporate consulting and public relations towards the Gravity Games. NBC Sports, which televised 10 hours from the 2001 Gravity Games including the two most watched action sports telecasts ever, has extended its Gravity Games programming, production, and promotional commitment.

"PRIMEDIA and NBC are the ideal partners for the Gravity Games as we focus on building upon the event’s success in the U.S. and growing the brand on a global scale," said Les Delano, CEO, Octagon Worldwide. "This more vibrant and strategic partnership between PRIMEDIA, Octagon and NBC will strengthen the Gravity Games through unparalleled assets and resources."

The Gravity Games have been contested in Providence, Rhode Island, since its’ inception in 1999. The site and dates for the 2002 Gravity Games will be announced within the next two weeks.