Turner Completes Acquisition of Claxson Networks

ATLANTA, October 4: Turner Broadcasting System has received
formal approval from the Comision Nacional de Defensa de la Competencia in
Argentina for the acquisition of seven Latin American pay-TV networks from
Claxson.

The new channels will be operated by TBS Latin America,
under the direction of Juan Carlos Urdaneta, its president. Valued at
approximately $234 million, this acquisition includes Fashion TV, HTV,
Infinito, I.Sat, MuchMusic, Retro and Space. In addition, TBS Latin America
assumes sales representation rights for Claxson- and third party-owned networks
in Latin America, and will provide related technical services to these
channels.

Through this transaction, Turner Broadcasting's Latin
America portfolio now includes 13 wholly owned television networks and 10
represented networks.

"We are pleased to complete this strategic acquisition,
which greatly enhances Turner's already compelling portfolio of branded
entertainment and news programming," said Louise Sams, the president of
TBS International and executive VP and general counsel for TBS, Inc. "The
addition of these networks will not only enhance our current channel offerings,
but will also allow us to deliver a whole new range of quality programming
genres to audiences throughout Latin America."

Claxson will maintain its interests in Playboy TV Latin
America, Digital Latin America, DMX MUSIC Latin America, as well as its
broadband and Internet division.