Contact:
Richard
A. Bennett, Chief Activism Officer, Lens
(207) 775-4296
rbennett@lens-inc.com
Scott
Sunshine or Carol Crane, TowersGroup
(212) 354-5020
scottsunshine@towerspr.com
or carolcrane@towerspr.com
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Portland, ME, March 28, 2001 - Richard Bennett, Principal of Lens
Investment Management, LLC, the shareholder activist investment specialist, has
reached a tentative agreement with Metromedia International Group, Inc. [AMEX:
MMG], in which Metromedia has granted Mr. Bennett's request to examine specific
company documents. The agreement was reached prior to a March 28 trial date set
to resolve a formal complaint against Metromedia filed by Mr. Bennett under
Section 220 of Delaware General Corporation Law. This law gives shareholders the
statutory right to examine corporate books and records.
Under the agreement, Mr. Bennett revised the list of documents demanded and Metromedia agreed to produce the demanded documents by no later than April 11th. The documents will be examined to determine if John W. Kluge, Metromedia's founder and Chairman, and Stuart Subotnick, its Vice-Chairman, President and Chief Executive Officer, have breached their fiduciary duties by engaging in related party transactions or by otherwise unfairly profiting at the expense of Metromedia's public shareholders. "We're hopeful that MMG will produce the materials its public shareholders are entitled to examine," said Mr. Bennett. (MORE) METROMEDIA AGREES TO SHAREHOLDER ACTIVIST'S DEMAND.../2 Metromedia International Group, Inc. is a global communications and media company operating telephony and television businesses in Eastern Europe, the republics of the former Soviet Union and other emerging markets. The company also owns the lawn and garden equipment manufacturer Snapper, which it has called a "non-core" asset. Founded in 1991 by Robert A.G. Monks as an investment management firm, Lens (www.lens-inc.com) was among the first fund managers to take an active role in corporate governance. Over the past decade, Lens, which no longer operates as an investment manager, but rather as a specialist in investor activism, has succeeded in increasing the value of shareholders' investment in companies like Scott Paper, American Express, Eastman Kodak and Pioneer Group. # # # |