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Liberty Media Has Acquired a 5.6% Stake in IDT Media Strategic Investment Acknowledges Media Company’s Recent Successes

Newark, N.J. – June 10, 2003 – IDT Corporation today announced that Liberty Media Corporation (NYSE:L., LMC.B) has acquired a 5.6% stake in IDT Media. IDT Media is a division of IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, technology and telephone company.

“In my mind Liberty Media’s $25 million investment is a good indication that we’re on the right track,” said Jim Courter, IDT’s CEO. “In the coming months, IDT Media will continue to execute its core business strategy of pursuing ownership or co-ownership of select broadcast assets and entertainment properties on the way to creating a profitable media company.”

IDT Media’s assets include: Talk America Radio Networks, a syndicated radio network with over 700 national affiliate stations, WMET1150AM radio in Washington, D.C., IDT’s flagship radio station, the IDT Owned and Operated Radio Group and Digital Production Solutions, IDT Media’s 3-D animation unit. Recently, DPS announced the purchase of a controlling interest in Film Roman, the 2-D animation company well known for its production work on “The Simpsons,” “King of the Hill” and many other notable animation programs.

“With first rate talent and significant resources in place we’re ready to realize our potential,” said Mitch Burg, IDT Media’s CEO. “ The goal is to build on our recent successes by enhancing existing programming, creating original programming in both animation and broadcast, completing additional licensing and co-production agreements and developing products like the desktop delivery of TV news and information.”

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. 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., which we reconsolidated effective August 1, 2002, 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.