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MusicNet, the world's leading business- to-business digital entertainment services provider, today announced that it has expanded its Board of Directors with media industry veterans Fred Dressler and Paul Vidich. Messrs. Dressler and Vidich will join MusicNet's CEO, Alan McGlade, as well as Jon Grabel and Joseph Saviano of Baker Capital, the New York-based private equity firm that wholly-owns the Company.
"The addition of Fred and Paul to our Board of Directors provides our organization with a wealth of strategic media expertise that we fully intend on leveraging as we continue to grow our business," said Alan McGlade, President and CEO of MusicNet. "I am confident that their contributions will have a significant impact on our organization and its ongoing success." "Since its inception, MusicNet has been a pioneer and played an integral role in developing the digital music marketplace," added Fred Dressler. "I am very pleased to join the Company's Board, as it continues to expand upon the breadth of its digital entertainment services and portfolio of renowned global distribution partners." "As an original Board member of MusicNet, I am excited to return to the Company at a time when the electronic distribution of music has become mainstream behavior," said Paul Vidich. "MusicNet is a leader in the digital music sector and has become a critical partner to some of the biggest brands in the industry." About Fred Dressler Fred Dressler was named Executive Vice President of Programming for Time Warner Cable in 2001. He had been Senior Vice President of programming for Time Warner Cable and American Television and Communications Corp. (ATC) since 1987, after serving as President and Chief Executive Officer for five years during the construction of Denver's Mile Hi Cablevision. Prior to his assignment with Mile Hi Cablevision, he had been with ATC in various management positions since 1976. Mr. Dressler is currently Chairman of InDemand, the largest pay-per-view network in the U.S. He is responsible for all video on demand and pay-per- view deal making at Time Warner Cable and coordinates with other Time Warner Divisions in the development of such projects. Also, Mr. Dressler is a founder of E! Entertainment Network and Florida's Sunshine Regional Sports Network. Currently, he is serving as the Chairman of the advisory board of S.I. Newhouse School of Public Communications at Syracuse University. Mr. Dressler has served as a member of the board of directors of CTAM and the National Association of Cable Programmers. He has been a member of the Denver Rotary Club and served on the board of directors of the Colorado Easter Seals Society, The National Center for Child Abuse, Denver Crime Stoppers, and as a member of the advisory committee of the Mexican-American Legal Defense and Education Fund. He is a graduate of Syracuse University, with a B.A in Radio and Television. About Paul Vidich Paul Vidich is a senior entertainment industry executive that has played a major role in shaping global strategies and business development for many world-renowned organizations for the last twenty years. Mr. Vidich most recently served as a special advisor to AOL, Inc., a division of Time Warner, where he was responsible for executing strategies for distribution of on- demand television and video over broadband networks. He played a key role AOL's acquisition of video search company Truveo, and led AOL's investment in Brightcove, a leading video platform company. In addition, he led AOL's teams responsible for negotiating video rights and building out its video products and platforms. Prior to AOL, Inc., Mr. Vidich served as Executive Vice President of Warner Music Group, where he was responsible for the organization's worldwide music strategies, market research, technology and business development activities, including joint-venture development, acquisitions and initiatives in mobile, e-commerce, electronic music distribution and new music formats. During his tenure at Warner Music Group, he worked extensively with technology companies to help shape commercial music opportunities arising from the promise of the Internet, including Apple's iTunes music store and various collaborations on digital distribution and new format projects with Yahoo, Microsoft, Sony, Philips, Matsushita, Toshiba, IBM and Intel. Earlier in his career, he held editorial and reporting positions with various publishing companies, including Fairchild Publications. Mr. Vidich was an original board member of MusicNet and has also served on the boards of Music Choice and Columbia House. Furthermore, he is also a board member of El Museo Del Bario, Intar Theater, and Poets & Writers. Mr. Vidich holds an M.B.A. from the Wharton School of Finance and Commerce at the University of Pennsylvania and a B.A. from Wesleyan University. About MusicNet MusicNet is the world's leading provider of business-to-business digital entertainment services. The Company offers the content and white-label technologies used to create music and video download and subscription services. The preferred partner of many top consumer brands, MusicNet's scalable platform delivers a quick and cost-effective path to market for PCs, portable music devices, mobile phones and beyond. The Company offers a broad range of products for companies that want a turnkey and full-service solution for offering digital music and video. MusicNet is headquartered in New York and has offices in Seattle and London. MusicNet is wholly-owned by Baker Capital, a New York-based private equity firm with $1.5 billion under management. For more information about MusicNet, please visit http://www.musicnet.com.
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