Newport Media, Inc., an innovative fabless semiconductor company providing mobile TV receivers, announced the closing of a $25 million Series B financing led by Oak Investment Partners. Previous investors Benchmark Capital, Venrock Associates, Global Catalyst Partners and Pinnacle Ventures joined Oak in this round. Newport Media has raised over $36 million to date.

"Mobile multimedia is one of the most exciting segments in the semiconductor sector today," said Bandel Carano, a General Partner of Oak Investment Partners. "In just over a year since its inception, Newport Media has successfully developed the most advanced solution for the mobile TV market and is now poised to deliver a multi-standard platform that will enable major breakthroughs in product size, cost and power efficiency. We look forward to working with Newport Media's seasoned leadership team to foster their continued success in this exciting market."

Newport Media is one of a handful of companies developing highly integrated, system-on-a-chip (SoC) solutions that support all major mobile TV standards. Those standards include Digital Video Broadcasting-Handheld (DVB-H), Digital Multimedia Broadcast (DMB), Integrated Services Digital Broadcasting-Terrestrial (ISDB-T) and MediaFLO. The company's goal is to give mobile consumers a significantly better viewing experience using small form factor, more power-efficient and less expensive technology. Realizing that goal will enable mobile TV service providers to accelerate their rollouts worldwide.

"We are pleased with this sizable commitment from our investment partners," said Mohy Abdelgany, Newport Media's President and Chief Executive Officer. "The financing will enable us to take advantage of our significant technical achievements over the past year. We will bring multi-standard products to market, ramp volume shipments, and help our lead customers with early mobile TV service deployments."

About Newport Media, Inc.

Newport Media is a fabless semiconductor company that develops and sells highly integrated solutions for emerging digital audio and mobile TV broadcast standards. Newport Media has assembled a management and development team with comprehensive system semiconductor experience in wireless handset and digital set-top box industries. Newport Media's development team leverages its collective experience in these converging industries to develop broadcast multimedia architectures and IC implementations with unprecedented performance, power consumption, size and cost. For more information, visit www.newportmediainc.com.

About Oak Investment Partners

Established in 1978, Oak Investment Partners is a venture capital firm with a strong track record as a stage-independent investor. To date, Oak has funded more than 350 companies with aggregate annual revenues in excess of $60 B. Oak's investment strategy focuses on growth opportunities in enterprise application and infrastructure software, communications equipment and services, semiconductors, data storage, outsourced services, financial services technology, healthcare services, and retail. Located in Westport, CT, and with offices in Minneapolis, MN, and Palo Alto, CA, Oak concentrates on building long-term relationships with experienced management teams to develop successful companies that deliver consistent performance over time such as 2Wire, Actel, Airspan Networks, Compaq, Genzyme, Inktomi (acquired by Yahoo!), Neophotonics, Parametric Technology Corporation, PF Chang's, Polycom, Seagate Technologies, SMIC, Sybase, Synaptics, Synopsys, TeleAtlas, Virata, Whole Foods, Tensilica, Wireless Facilities (WFII) etc. For more information, please visit www.oakvc.com.