Alfred Publishing To Purchase Warner Bros. Publications From Warner Music Group

12/16/04

Alfred Publishing announced today a definitive agreement to purchase Warner Bros. Publications, one of the world's largest publishers of printed music, from Warner Music Group. Alfred is the world leader in educational music products. With offices in the U.S., the U.K., Germany, Singapore and Australia, and a roster of renowned authors and composers, the company is a global operation that has enjoyed 80-plus years of uninterrupted growth.

Warner Bros. Publications prints and distributes a broad selection of sheet music, books and educational materials, folios, orchestrations and arrangements as well as tutorials and methods.

Under the agreement, Alfred Publishing will acquire the entire Warner Bros. Publications business which is based in Miami, Florida and in the U.K. In addition, Alfred will enter into a long-term exclusive license agreement with Warner Music Group's Warner/Chappell music publishing division under which Alfred will have the right to continue to print and distribute editions of musical compositions administered by Warner/Chappell.

Warner/Chappell, one of the world's leading music publishers, remains a division of Warner Music Group. In addition, Word Music, the print music business of WMG's Word Entertainment, is not included in the sale.

"We're very excited to combine Warner's extensive pop and educational catalog with Alfred's expertise in educational music publishing to further our mission of helping people experience the joy of making music," says Steven Manus, Alfred's Chief Executive Officer. "Together, we will offer exciting new products to consumers and we'll enjoy a strong leadership position in the print music industry."

"This is the perfect marriage of education and pop," says Ron Manus, co-owner and VP of Alfred. "People are what make us strong, and this combination of talent will add up to much more than the sum of its parts. We are very excited to begin this journey together as one dynamic company."

"It is rare for a family business to make it through the 2nd generation," says Morty Manus, President of Alfred. "Here we are into the 3rd generation and we are not merely surviving but growing rapidly. When Ron and Steve joined Alfred, they added a dimension to the company that made this acquisition possible. For my wife Iris and myself, they made a dream we dared not dream come true."

Said Edgar Bronfman, Jr, Chairman and CEO of Warner Music Group, "The sale of Warner Bros. Publications enables Warner Music Group to focus its resources on its core mission of signing and developing the world's best recording artists and songwriters. In Alfred, we've found an ideal home for Warner Bros. Publications and its employees and we look forward to a long and productive relationship with Alfred as it provides Warner Music Group and Warner/Chappell with the highest quality print music services in the industry."

Completion of the transaction is subject to customary closing conditions. The transaction has already been cleared under the Hart-Scott-Rodino Act.

About Alfred Publishing

Alfred Publishing Co., Inc., the world leader in music education products since 1922, is dedicated to helping people experience the joy of making music. With hundreds of expert authors and composers backed by a talented staff in six offices worldwide, Alfred publishes educational, reference and performance pieces for teachers, students and performers spanning every musical instrument and style.

In addition to its own titles, Alfred distributes works from the National Guitar Workshop, Studio 4 Productions, the Dover Music catalog, Faber Music, and Myklas Music Press. Alfred is the world's largest educational music publisher, with over 15,000 active print, video (DVD, VHS/PAL), software, general MIDI, audio CD and enhanced CD titles in circulation throughout the world.

About Warner Music Group

Warner Music Group, with its broad roster of new stars and legendary artists, is the world's largest privately held independent music company. The company is home to a collection of the best-known record labels in the music industry including Atlantic, Elektra, Lava, Maverick, Nonesuch, Reprise, Rhino, Sire, Warner Bros. and Word. Warner Music International, a leading company in national and international repertoire operates through 37 affiliates and numerous licensees in more than 50 countries. Warner Music Group also includes Warner/Chappell Music, one of the world's leading music publishers, with a catalog of more than one million copyrights worldwide. For more information about Warner Music Group, visit our corporate website at http://www.wmg.com