Point.360 to Acquire the Assets of CenterStaging Musical Productions, Inc.

October 1, 2008

Source: Point.360

Point.360, a leading provider of integrated media management services, today announced that it has entered an agreement to acquire the assets of CenterStaging Musical Productions, Inc., which agreement is subject to approval in CenterStaging's pending Chapter 11 bankruptcy case. CenterStaging is one of the largest independent providers of production rehearsal and support services for live musical performances and television events.

Haig S. Bagerdjian, the Company's Chairman, President and Chief Executive Officer said: "CenterStaging's customers include recording artists, television networks, production companies and studios that use the space and expertise of CenterStaging in the same manner as owners of content use the talent and facilities of Point.360 to service their masters. The potential acquisition will bring us approximately $7 million of new revenue opportunities, new customers in a new segment of the entertainment industry and the opportunity to cross-sell the services of Point.360 and CenterStaging."

The Company stated that CenterStaging is primarily engaged in (i) providing production and support services for live musical performances and major televised award shows such as the Academy Awards and the GRAMMY Awards and other televised shows and events, such as the Super Bowl halftime show and presidential inaugurations; (ii) renting its studio facilities to musicians for rehearsal, production and recording; and (iii) renting musical instruments and related equipment for use at its studios and other venues.

The purchase of assets is expected to be completed in the quarter ended December 31, 2008 and is subject to the United States Bankruptcy Court approval and an opportunity for other parties to overbid for CenterStaging's assets. Point.360's obligations under the agreement are conditioned upon the negotiation of real and personal property leases, the settlement of certain tax obligations, approval of the bankruptcy court and other matters. There can be no assurance that the transaction contemplated by the purchase agreement will be approved by the bankruptcy court or that the conditions to closing will be met.

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