Music Publishing Veteran to Join Elevation Partners as an Executive-in-Residence

MENLO PARK, Calif.--May 23, 2006--The private equity firm Elevation Partners announced today that Leslie E. Bider, the former Chairman and CEO of Warner/Chappell Music, Inc has joined the firm as an Executive-in-Residence. In this role, Mr. Bider will assist the firm in evaluating investments, primarily in the music industry and related areas, and may become involved in the management of any investments the firm makes in the sector.

Mr. Bider played a significant role in the creation of Warner/Chappell Music through the merger of Warner Bros. Music with the Chappell and Intersong Music Group in 1987. Prior to the merger, Mr. Bider was the Chief Operating Officer of Warner Bros. Music where he was responsible for all worldwide operations and a critical driver of the company's global expansion, including the acquisition of the 20th Century Fox Music catalog that strengthened movie and television licensing revenues. During the time he presided over Warner/Chappell the company grew from a $30 million a year business to one generating over half a billion dollars a year. He started in 1981 at Warner as Chief Financial Officer after founding and managing Bider & Montgomery, an accounting practice that serviced the media and entertainment industry. Mr. Bider received his Masters Degree from Wharton School at the University of Pennsylvania and a BS in accounting from the University of Southern California. He will continue to serve as the Chairman of the Musicares Foundation for the Recording Academy as well as his other extensive philanthropic activities.

Roger McNamee, Managing Director and co-founder of Elevation commented, "We are pleased to have Les join us as an Executive in Residence. His more than two decades of experience in music publishing will be invaluable as we pursue initiatives in music."

Les Bider added. "I am so pleased to be associated with such dedicated visionary entrepreneurs again. I look forward to the opportunity to be partnered with a team of this caliber."

About Elevation:

Elevation Partners is a newly formed private equity firm that targets large-scale investments in market leading media, entertainment and consumer related businesses. It primarily focuses on investing in intellectual property and content-oriented businesses where it can partner with management to enhance growth and profitability through a combination of strategic capital and operating insight. Elevation Partners has $1.9 billion of capital to be invested over the next several years.