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IDT Media Announces the Formation of Liberty Broadcasting System Broadcast Radio System Will Provide News, Information and Entertainment Programming

Newark, N.J., November 4, 2003 – IDT Media today announced the creation of Liberty Broadcasting System, a syndicated talk radio network that will be distributing programming nationwide. IDT Media is a division of IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and technology company.

“Listeners need a place to go for intelligent talk besides NPR. That’s why IDT is bringing Liberty to radio broadcasting,” said Howard Jonas, IDT’s Founder and Chairman. “For too long people have been held captive to a limited number of views. Liberty Broadcasting will bring a diversity of opinions to the radio airwaves. Now listeners will have a place to go for insightful talk and reasoning without the bias.”

Liberty Broadcasting will feature original programming from some of the nation’s most influential political analysts and commentators including, editor of the Weekly Standard, William Kristol and former Director of the U.S. Commission on Civil Rights, Linda Chavez. Liberty will continue to broadcast many of the outstanding programs previously available through Talk America Radio Networks.

“With the addition of William Kristol and Linda Chavez to its programming lineup, Liberty Broadcasting has built a solid foundation for future growth,” said Jim Courter, IDT’s CEO. “From here, we plan to introduce additional programming, with broad appeal, which can be syndicated nationally. The result will make Liberty Broadcasting a major broadcast presence, and a refreshing alternative to the competition.”

On December 1, 2003, Liberty will premier both The Daily Agenda with William Kristol and The Linda Chavez Program. Mr. Kristol, widely acknowledged as the journalist decision-makers in the White House turn to for policy analysis and information, will broadcast a two-minute feature daily. The Daily Agenda with William Kristol will begin airing as a special feature on Doug Stephan’s Good Day. Good Day, one of America’s most popular morning shows is heard daily on over 200 radio stations nationwide.
The Linda Chavez Program will air Monday through Friday from 12pm to 2pm. Ms. Chavez, currently an analyst for Fox News, is well known for her many accomplishments in politics, journalism and public service. She has been a frequent guest on television journals like CNN & Co., The McLaughlin Group, Equal Time and the Newshour with Jim Lehrer.

“When Liberty Broadcasting talks, people listen,” said Trang Nguyen, COO of Liberty Broadcasting System. “Our talk show hosts bring insight and energy to every topic they cover whether it’s politics, policy or entertainment. This is not radio-lite. Liberty is radio with passion, real radio with meat on its bones.”

Ms. Chavez and Mr. Kristol join Liberty Broadcasting System’s existing programming lineup which includes: News You Care About, Second Thoughts and American Spirit with Mort Crim, For The People with Chuck Harder, Ask Heloise and Hints from Heloise, The Geoff Metcalf Program, Doug Stephan’s Good Day, and Doug Stephan’s Talk Radio Countdown, The Bruce Williams Show, The Lowell Ponte Show, Money Matters with Barry Armstrong and The Movie Show on Radio with Max Weiss and Mike Mayo.

IDT Corporation, through its IDT Telecom, Inc. subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its 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 telephony and prepaid calling cards. IDT and Liberty Media Corporation own 95% and 5% of IDT Telecom, respectively. Liberty Media Corporation also owns a 5.6% stake in IDT Media. IDT Media, Inc. is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media. Winstar Holdings, LLC is the IDT subsidiary through which we provide broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. In December 2002, we announced that the services offered by Winstar would begin to be offered under the name “IDT Solutions.” Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services, either directly or via a partner.

IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use 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 our 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 our 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. These factors include, but are not limited to, the following: potential declines in prices for our products and services; our ability to maintain and grow our retail telecommunications services, particularly our prepaid calling card business; availability of termination capacity; financial stability of our customers; our ability to maintain carrier agreements with foreign carriers; effectiveness of our marketing and distribution efforts; increased competition, particularly from regional bell operating companies; our ability to manage our growth; competitiveness of our Winstar subsidiary; impact of government regulation; our ability to obtain telecommunications products or services required for our products and services; and general economic conditions, particularly in the telecommunications markets. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.