Metromedia Fiber Network Announces Two-for-One Stock Split

NEW YORK (April 13) BUSINESS WIRE -April 13, 1999--Metromedia Fiber Network, Inc. (NASDAQ:MFNX) announced today that the executive committee of its board of directors approved a two-for-one stock split of the Company's Class A and Class B Common Stock in the form of a 100% stock dividend. The stock split is subject to the approval of Metromedia Fiber Network's shareholders, who will be asked to approve an amendment to the Company's certificate of incorporation to increase the Company's authorized common stock, permitting consummation of this split. The holders of the outstanding shares of Class B Common Stock have indicated their intent to vote in favor of such an amendment, thereby assuring its approval.

The stock dividend will be issued to shareholders of record as of the close of business on May 3, 1999. After the stock dividend, Metromedia Fiber Network will have approximately 154 million Class A common shares outstanding, without giving effect to unexercised warrants and options, and approximately 33.7 million Class B common shares outstanding. The Company expects that its transfer agent, Chase Mellon Shareholder Services, will distribute the stock dividend on or about May 19, 1999.

"This stock split, the third since the Company went public in October of 1997, reflects the Company's continued confidence in the success of its business strategy and its commitment to making our stock broadly accessible to individuals as well as to institutional investors while maintaining a strong stock price," said Howard Finkelstein, president of Metromedia Fiber Network. About Metromedia Fiber Network

Metromedia Fiber Network is building metropolitan fiber optic infrastructure in the local loop in strategic Tier One markets, enabling technologically sophisticated organizations to implement the latest data, video, Internet and multimedia applications. By offering virtually unlimited, unmetered bandwidth at a fixed cost, Metromedia Fiber Network is eliminating the bandwidth scarcity barrier and redefining the way broadband capacity is sold.

Utilizing Metromedia Fiber Network's infrastructure, customers are able 
to rapidly deploy state-of-the-art optical networks. Communications 
carriers and internet service providers gain local loop connectivity in 
the most highly populated metropolitan areas. Corporate and government 
customers benefit from private building-to-building networks featuring 
the fastest transmission speeds available and the highest levels of 
reliability and security. In addition to its current nationwide 
expansion in 11 major cities, Metromedia Fiber Network is entering the 
international market with fiber optic network builds in Germany, and 
the provision of transatlantic bandwidth capacity through International 
Optical Network (ION), a joint venture with Racal Telecom of the United 
Kingdom. For more information about Metromedia Fiber Network, please 
visit the company's Web site at www.mmfn.com.     This news release 
contains certain forward-looking statements that involve risks and 
uncertainties. Factors that could cause or contribute to such risks and 
uncertainties include, but are not limited to, general economic and 
business conditions, competition, changes in technology and methods of 
marketing, and various other factors beyond the Company's control. This 
also includes such factors as described from time to time in the SEC 
reports filed by Metromedia Fiber Network, including the most recently 
filed Form 10-K. 

-0- cf/ny*

CONTACT: Media Relations:

           Gary J. Gatyas, Jr. 

Gibbs & Soell, Inc.

           212-697-2600 

ggatyas@gibbs-soell.com

               or 

Company Contact:

           Ellen Strahs Fader 

Metromedia Fiber Network

           212-606-4389 

KEYWORD: NEW YORK
INDUSTRY KEYWORD: TELECOMMUNICATIONS COMPUTERS/ELECTRONICS COMED
Today's News On The Net - Business Wire's full file on the Internet

with Hyperlinks to your home page.

                      URL: http://www.businesswire.com