StarMedia Acquires Obsidiana Assets, Creating Largest Women's Online Destination in Latin America

Apr 04, 2001, 01:00 ET from StarMedia Network, Inc.

    NEW YORK, April 4 /PRNewswire/ -- StarMedia Network, Inc. (Nasdaq:   STRM)
 (http://www.starmedia.com), the leading Internet media company for
 Spanish- and Portuguese-speaking audiences worldwide, today announced an
 agreement to acquire the assets of Obsidiana (http://www.obsidiana.com), the
 premier online destination for Latin American women.  The acquisition creates
 the largest and most comprehensive women's destination online in the
 Spanish- and Portuguese-speaking world.
     Under the terms of the agreement, StarMedia will acquire the key assets of
 Obsidiana, including its user database, its leading brand and extensive
 original content, in exchange for shares of StarMedia's common stock.  In
 addition, members of Obsidiana's core management team will join StarMedia.
 During the next several months, Obsidiana's offerings will be fully integrated
 into StarMedia's Spanish- and Portuguese-language women's destinations,
 Cadamujer and Viamulher.
     "Over the last year, we have seen tremendous success with our women's
 product offerings, on both a client and user basis.  The acquisition of
 Obsidiana reinforces our on-going commitment to the women's online market, one
 of the fastest growing and most highly sought-after demographics on the Web,"
 said Fernando Espuelas, Chairman and CEO of StarMedia Network, Inc.  "By
 combining two of the top women's online destinations in our space, we are able
 to provide a more robust content offering for our users, and a larger targeted
 audience base for our clients."
     Sonia Dula, Founder of Obsidiana, stated, "StarMedia's dominant audience
 reach, resources and leadership position ensures that our company's founding
 mission to empower Spanish- and Portuguese-speaking women through the Internet
 continues in the future."
     The closing of the acquisition is subject to customary conditions.
 
     About StarMedia Network, Inc.
     StarMedia Network empowers and connects Spanish- and Portuguese-speakers
 through the Internet, enhancing the lives of its 27 million users.  StarMedia
 Network is the leading Internet media company in the Spanish- and Portuguese-
 speaking world.  The Company has operations in Argentina, Brazil, Chile,
 Colombia, Mexico, Puerto Rico, Spain, Uruguay, Venezuela, and throughout the
 United States.
 
     About Obsidiana.com
     Obsidiana, the premier online destination for women in Latin America and
 the U.S. Hispanic market, offers its users 100 percent original and locally
 produced programming, interactive news, information and advice on virtually
 every subject of importance to today's modern Latin woman.
     This press release contains statements of a forward-looking nature within
 the meaning of the "safe harbor" provisions of the Private Securities
 Litigation Reform Act of 1995 relating to future events or future financial
 results of StarMedia Network, Inc. Investors are cautioned that such
 statements are only predictions and are based on management's current
 expectations or beliefs and are subject to a number of factors that could
 cause actual events or results to differ materially.  In considering such
 statements, investors should specifically consider various factors which could
 cause actual events or results to differ materially from those indicated from
 such forward-looking statements, including the matters set forth in StarMedia
 Network, Inc.'s reports and documents filed from time to time with the
 Securities and Exchange Commission.
 
 

SOURCE StarMedia Network, Inc.
    NEW YORK, April 4 /PRNewswire/ -- StarMedia Network, Inc. (Nasdaq:   STRM)
 (http://www.starmedia.com), the leading Internet media company for
 Spanish- and Portuguese-speaking audiences worldwide, today announced an
 agreement to acquire the assets of Obsidiana (http://www.obsidiana.com), the
 premier online destination for Latin American women.  The acquisition creates
 the largest and most comprehensive women's destination online in the
 Spanish- and Portuguese-speaking world.
     Under the terms of the agreement, StarMedia will acquire the key assets of
 Obsidiana, including its user database, its leading brand and extensive
 original content, in exchange for shares of StarMedia's common stock.  In
 addition, members of Obsidiana's core management team will join StarMedia.
 During the next several months, Obsidiana's offerings will be fully integrated
 into StarMedia's Spanish- and Portuguese-language women's destinations,
 Cadamujer and Viamulher.
     "Over the last year, we have seen tremendous success with our women's
 product offerings, on both a client and user basis.  The acquisition of
 Obsidiana reinforces our on-going commitment to the women's online market, one
 of the fastest growing and most highly sought-after demographics on the Web,"
 said Fernando Espuelas, Chairman and CEO of StarMedia Network, Inc.  "By
 combining two of the top women's online destinations in our space, we are able
 to provide a more robust content offering for our users, and a larger targeted
 audience base for our clients."
     Sonia Dula, Founder of Obsidiana, stated, "StarMedia's dominant audience
 reach, resources and leadership position ensures that our company's founding
 mission to empower Spanish- and Portuguese-speaking women through the Internet
 continues in the future."
     The closing of the acquisition is subject to customary conditions.
 
     About StarMedia Network, Inc.
     StarMedia Network empowers and connects Spanish- and Portuguese-speakers
 through the Internet, enhancing the lives of its 27 million users.  StarMedia
 Network is the leading Internet media company in the Spanish- and Portuguese-
 speaking world.  The Company has operations in Argentina, Brazil, Chile,
 Colombia, Mexico, Puerto Rico, Spain, Uruguay, Venezuela, and throughout the
 United States.
 
     About Obsidiana.com
     Obsidiana, the premier online destination for women in Latin America and
 the U.S. Hispanic market, offers its users 100 percent original and locally
 produced programming, interactive news, information and advice on virtually
 every subject of importance to today's modern Latin woman.
     This press release contains statements of a forward-looking nature within
 the meaning of the "safe harbor" provisions of the Private Securities
 Litigation Reform Act of 1995 relating to future events or future financial
 results of StarMedia Network, Inc. Investors are cautioned that such
 statements are only predictions and are based on management's current
 expectations or beliefs and are subject to a number of factors that could
 cause actual events or results to differ materially.  In considering such
 statements, investors should specifically consider various factors which could
 cause actual events or results to differ materially from those indicated from
 such forward-looking statements, including the matters set forth in StarMedia
 Network, Inc.'s reports and documents filed from time to time with the
 Securities and Exchange Commission.
 
 SOURCE  StarMedia Network, Inc.