Media and Lifestyle Leaders Invest in Plum

Media and Lifestyle Leaders Invest in Plum

The Kraft Group and James Pallotta's The Raptor Fund Lead $20 Million Round Funding Growth of Local Communities Network

Chris Blackwell, Jimmy Buffett, Robert Pittman, Tom Freston, Andy and Kate Spade, and Barry Sternlicht Among Investors

NEW YORK, Dec. 21 /PRNewswire/ -- Plum, the network of local television stations produced in, for and about some of America's most dynamic communities, today announced major investments in the company to fund expansion into new markets, including Sun Valley and Miami Beach, and the development of new content offerings.

Private-equity investors The Kraft Group and legendary hedge-fund manager James Pallotta's The Raptor Fund led the $20 million round of funding. Ackerley Partners, a privately held media and entertainment investment group, also participated. The Pilot Group, led by former AOL president Robert Pittman, invested as well.

Robert Kraft, CEO of The Kraft Group, said, "From our work with the NFL and other media properties we have a good sense of the value of unique content and unique audiences. We've been impressed by Plum's ability to develop both, and we think the company is poised to create a tremendous amount of value."

Jonathan Kraft and David Kraft will join the Plum board of directors, as will former music industry executive Kevin Law.

Leaders in lifestyle, media, music and resorts joined the round, ensuring Plum has both the funding and marketplace expertise required for rapid growth and sustained relevancy to consumers in Plum's high-end lifestyle and resort markets. These investors include, among others:

- Chris Blackwell -- Founder of Island Records (Bob Marley, U2); Founder
of Palm Pictures and owner of several luxury Jamaican resorts
- Jimmy Buffett - World-renowned musician, author, film producer and
entrepreneur
- Nick Buoniconti -- Football Hall of Fame legend
- Jason Flom -- Chairman and CEO of Virgin Records U.S.; Founder of Lava
Records
- Tom Freston -- Former President and CEO of Viacom; Founding member of
MTV
- Andy and Kate Spade -- Founders of luxury and lifestyle fashion brands
Kate Spade and Jack Spade
- Barry Sternlicht -- Chairman and CEO of Starwood Capital Group; Founder
of Starwood Hotels & Resorts Worldwide

Plum Investment / Add One

Tom Scott, founder and CEO of Plum, said, "It's an exciting time at Plum. We're psyched that such an inspiring group of investors share our vision for Plum and where it's going. It's amazing to have the opportunity to be working with and learning from some of the best in media, entertainment, sports, fashion, travel and finance. We've got a great team of people at Plum who really care - that's irreplaceable." Previously, Tom was the co-CEO and co- founder of Nantucket Nectars.

Plum will expand its local reach and content by using the new funding to acquire additional stations in Sun Valley, Idaho and has secured cable distribution for a new Plum channel in Miami Beach, Florida. Plum has entered into a definitive agreement to acquire the television assets of E-Da-Hoe, Inc., including the KSVX and KSVT television stations serving Sun Valley. The deal is contingent on FCC approval that is expected in early 2007. These two new markets will join Plum's current markets of Nantucket, Martha's Vineyard, the Hamptons, Vail, Aspen, and Telluride. More than 10 million of the nation's most influential people visit these markets each year.

In addition to television programming in these markets, Plum has entered into distribution agreements with AOL video and Tivo broadband. Plum also is expanding online content at Plumtv.com, including local events calendars, weather, video, photos, community news and real estate listings unique to each market. Content uploading and sharing capabilities, and interests in proprietary content development and production are also underway.

Chris Glowacki, president of Plum, said, "Plum is developing two complementary businesses. We have a very effective distribution business that connects deeply with hard-to-reach influencers. And we have a lifestyle content business that ensures both viewers and advertisers find us compelling and relevant. This new investment and the experts advising us help ensure we can grow both of these very aggressively."

About Plum

Plum is a new type of media company. Produced in, for and about some of America's most dynamic communities, Plum programming is honest, authentic and optimistic. It celebrates the natural beauty and character of its communities and spirit and intellect of the people who live and visit there. Plum's current markets are Nantucket, Martha's Vineyard, the Hamptons, Vail, Aspen and Telluride. Miami Beach and Sun Valley will become operational Plum stations in the summer of 2007. While the towns may be small, the reach and influence is not. Plum's markets are destinations of choice for over 10 million of the nation's most interesting and influential people each year. They are people who define the culture in the media, business, arts and politics. They are Plum's audience as well as its content. Increasingly, Plum is available to a broader audience beyond its communities through video on demand and the Internet.

Contact: Graham Veysey of Plum TV, +1-646-292-4233, or gveysey@plumtv.com

Source: Plum TV

CONTACT: Graham Veysey of Plum TV, +1-646-292-4233, or
gveysey@plumtv.com

Web site: http://www.patrickdavis.com/

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