RNS Number:4245H
Paradigm Media Investments PLC
12 February 2003


                            PARADIGM MEDIA INVESTMENTS PLC

                      Cancellation of 259,370,151 Ordinary Shares
                             and notification of interests

London, 12 February 2003 - Paradigm Media Investments PLC announces that, at a
hearing in the High Court on 5 February, an order was made approving the
cancellation of 259,370,151 shares in the capital of the Company in exchange for
the payment to the holders of those shares of a sum of 5p per share.

The Court Order approving the capital reduction was registered by Companies
House on 8 February and a certificate issued on 10 February.  Consequently,
Paradigm now has 155,629,849 ordinary shares in issue.  Sums due to the holders
of shares that have been cancelled are expected to be dispatched within two
days.

Following the cancellation becoming effective, the interests of the Company's
Directors in the issued capital of the Company are as follows:

                                         Before Capital Reduction              After Capital Reduction
      Name                                  No. of      Per cent.                  No. of    Per cent.
                                            Shares      of issued                  Shares    of issued
                                                    share capital                                share
                                                                                               capital
Daniel Levy (1)                                NIL            NIL                     NIL          NIL
Peter Dubens (2)                        10,000,000           2.41              10,000,000         6.43
Bertrand Lipworth (3)                   10,000,000           2.41               6,000,000         3.86
Christopher Clarke                       1,250,000           0.30                 625,000         0.40

(1)        Daniel Levy is not currently interested in any shares in the capital
of the Company.  However, in certain circumstances he could become interested in
the 10,000,000 shares registered in the name of Chelmsley Enterprises Limited.

(2)        These shares are registered in the name of HSBC Global Custody
Nominees Limited.

(3)        These shares are registered in the name of B. I. Lipworth & Co.
Limited (of which Bertrand Lipworth is the sole shareholder).


Enquiries:

Paradigm Media Investments PLC:

Daniel Levy, Chairman                                    Tel: 020 8365 5321
Bertrand Lipworth, Executive Director                    Tel: 020 7235 1005




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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