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IDT Entertainment Engages Christopher Reeve to Direct Animated Full-Length Feature Film Reeve Will Oversee All Aspects of Creative Production

Newark NJ, December 17, 2003 – IDT Entertainment today announced that it has engaged Christopher Reeve to direct an original feature length animated film. Mr. Reeve is well known for his portrayal of Superman in 4 feature films and for starring roles in the Bostonians, Somewhere in Time and The Remains of the Day. In addition, Mr. Reeve is a distinguished writer, producer and director. In 1997 he was nominated for an Emmy for directing the HBO film In The Gloaming. IDT Entertainment is a subsidiary of IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and technology company.

“Christopher Reeve is a man I deeply admire. His ‘can do’ attitude is inspiring,” said Howard Jonas, IDT’s Founder and Chairman. “Without question, he is a true American superhero. His courage, integrity and professional accomplishments are not the stuff of fiction – they’re real life.”

Digital Production Solutions (DPS), IDT Entertainment’s animation unit, will provide complete production services on the film. Mr. Reeve will oversee the entire production process, from character development, casting and set design through animation, lighting, texturing and postproduction.

“This agreement writes a new chapter in IDT’s ongoing success story,” said Jim Courter, CEO of IDT Corporation. “IDT revolutionized Telecom, now we’re doing the same for high quality, 3-D Computer Generated (CG) animation. We’re pleased that Christopher Reeve shares our vision and that he’s put his stamp of approval on this film.”

“Many projects cross my desk but only a few are truly captivating,” said Christopher Reeve. “With the perfect blend of warmth and wit, this is a story with universal appeal that both children and their parents will love.”

The film is an urban fable set in the 1930’s, and is expected to be completed in early 2005.

“This project required a director with a combination of experience and creativity,” said Morris Berger, CEO of IDT Entertainment. “Christopher Reeve was our first choice. We’re thrilled that he will shape and guide this film from concept to completion.”

In March 2003, Digital Production Solutions (DPS), now a unit of IDT Entertainment, acquired rights to Starpoint Academy and Char, both Gene Roddenberry creations. Starpoint Academy is presently in production. In May 2003, IDT Entertainment acquired a controlling interest in Film Roman, Inc., the animation company well known for its production work on The Simpsons, King of the Hill, and other popular broadcast television programs. In July 2003, IDT Entertainment acquired a minority equity interest in Vanguard Animation, LLC. Under the terms of the Vanguard Animation investment, IDT Entertainment was granted a first look right to provide production services on future Vanguard Animation projects. IDT and Vanguard Animation also entered into a joint venture agreement to jointly develop, produce, finance and arrange distribution of computer generated (CG) animation entertainment. In December 2003, IDT Entertainment acquired a controlling interest in Mainframe Entertainment Inc., a Vancouver, Canada based entertainment company well known for producing CG animation for films, television, videogames and the direct-to-consumer market. In December 2003, IDT Entertainment acquired Anchor Bay Entertainment Group from Handleman Company.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary focused on developing, acquiring, producing and distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in radio broadcasting, brochure distribution and new video technologies. Winstar Holdings, LLC, which provides service under the IDT Solutions brand, is the IDT subsidiary focused on providing broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers. Liberty Media Corporation holds a 5% stake in IDT Telecom and also owns 5.6% stakes in IDT Entertainment and IDT Media.

IDT Corporation’s Class B Common Stock and Common Stock trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C, respectively.

Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent IDT’s current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in IDT’s most recent report on SEC Form 10-K (under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K and other filings IDT may make with the SEC.