Willis Stein & Partners Completes Sale of Petersen Co., Inc. to EMAP

21 January 1999

              - Sale to EMAP Concludes Willis Stein's Successful
                     2-1/2 Year Turnaround of Petersen -

    CHICAGO, Jan. 21 -- Willis Stein & Partners, a leading
private equity investment firm, and the controlling shareholder of The
Petersen Companies, Inc., announced today that it has completed the sale of
The Petersen Companies, Inc. to EMAP plc for approximately $1.5 billion.
Petersen, the largest publisher of special interest magazines in the U.S., and
EMAP, one of the largest consumer magazine publishers in Europe, announced
EMAP's tender offer of $34 per share on December 15, 1998.
    Willis Stein led the investment group that purchased Petersen from its
founder for $443 million in September 1996.  Under Willis Stein's ownership,
Petersen's revenue grew by 38% from $225 million to $310 million and EBITDA
grew by 225% from $24 million to $78 million.  In October 1997 Petersen
completed an initial public offering at $17.50 per share, raising,
$141 million in additional equity, and was listed on the New York Stock
Exchange.
    Avy H. Stein, Co-Founder and Managing Partner of Willis Stein & Partners,
said, "With Petersen we were able to achieve our strategic investment goals
of, buying good franchises, making them better and more profitable, and then
positioning the company for an acquisition by a larger strategic player who
can take the company to the next level."
    The Petersen Companies, Inc. is an investment in Willis Stein & Partners,
L.P., a $343 million independent fund established in 1995.  The fund was
profitably invested in ten companies, including the public companies College
Television Network, Inc. and Racing Champions Corporation
.
    Willis Stein recently raised its second independent fund, Willis Stein &
Partners II, L.P., which is a $840 million fund.
    John Willis and Avy Stein, along with Daniel Blumenthal, Daniel Gill, Beth
Johnston and Robert Froetscher lead Willis Stein & Partners, based in Chicago.
The firm specializes in privately negotiated investments in profitable, well
managed and growing companies in the media, health care, manufacturing,
financial services and telecommunications industries.  The principals of
Willis Stein have invested approximately $1 billion in 31 companies in these
target industries and the firm currently manages approximately $1.2 billion.
Willis Stein is the controlling or lead investor in each of its portfolio
companies.  Target investments include U.S. based public and private companies
with transaction values ranging from $30 million to $750 million.  Investment
proposals are handled promptly and in strict confidence and should be
addressed to: Willis Stein & Partners, 227 Monroe Street, Suite 4300, Chicago,
IL, 60600.