Press release

J. Russell Denson Named President and Chief Executive Officer of Gruner + Jahr USA

Hamburg, 26 May 2004 –

Axel Ganz, President of Gruner + Jahr´sInternational Magazine Division announced the appointment of J. RussellDenson, as President and CEO of Gruner + Jahr USA.Denson was most recentlypresident and CEO of the Reiman Media Group, a subsidiary of The Reader´sDigest Association.Denson, age 53, will start on June 14, and reportdirectly to Ganz.

"Russell is a smart and savvy media executive with extensive knowledgeacross a wide range of business experiences," says Ganz."He clearly bringsthe necessary and relevant market intelligence.In addition, given the widevariety of senior executive positions he has held, in both public andprivate company environments, he brings G+J USA the ideal combination ofgeneral management skills along with great energy and fresh ideas.We aredelighted to have him join us and lead the company."

States Denson, "This is a great opportunity for me.I´m particularlyimpressed by the commitment of G+J International to the US market -- notjust to maintaining its presence, but also to growing its stable ofmagazines.Of course, a building must have a solid foundation before addingmore stories.Over the last several months a number of changes have beenput into place that are setting the company on the right track -- workingtogether, we will build on this positive momentum."

Prior to running the Reiman Media Group, Denson was President, ChiefExecutive Officer and Director of Weider Publications and was responsiblefor the strategic direction and management of the company with titlesincluding Muscle and Fitness, Men´s Fitness, Shape, Fit Pregnancy andNatural Health.Before that, he was Chairman and Director ofICELEBRATE.com, a privately held business to consumer e-commerce companyaddressing the seasonal home dé;cor market.Denson was the original Chairmanof the Board for the company that published Health and Hippocrates magazinesand the Edell Health Letter, which were sold to Time Warner.Earlier on, heheld the position of Executive Vice President at HEI Corporation, a public,diversified health-care and publishing company.Additionally at HEI, he waspresident of HEI Publishing, publisher of Medical World News, which was soldto Miller Freeman Publishing.

Denson, who rides a Harley Softail Duece and restored a Triumph TR6, is arecent former Board member of the Magazine Publishers of America, and holdsa B.B.A. from the University of Houston.

As one of the top-ranked magazine publishers in America, reaching one of thelargest readerships in the U.S., Gruner + Jahr USA publishes Child, FamilyCircle, Fast Company, Fitness, Inc., Parents and YM.Gruner + Jahr USA is25.1% owned by the Jahr Group and 74.9% owned by Bertelsmann AG, the largestprivately held and the fifth largest media company overall in the world withyearly revenues at $17.86 billion.

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J. Russell Denson