MediaBay Receives Shareholder Approval for Reverse Split

MediaBay Receives Shareholder Approval for Reverse Split

CEDAR KNOLLS, N.J., Oct. 10 /PRNewswire-FirstCall/ -- MediaBay, Inc. (NASDAQ:MBAY), a leading digital media and publishing company specializing in spoken word and premium audio entertainment, today announced that on October 6, 2005 it received shareholder approval at its annual shareholders meeting to effect a reverse stock split as outlined in its proxy statement for that meeting. The shareholders have approved a split of up to 1 for 6 shares of the Company's common stock. The Company's Board will set the conversion ratio at an upcoming meeting and the Company plans to implement the reverse split by the end of October 2005 in order to regain compliance with the NASDAQ minimum bid price listing requirement as set forth in Marketplace Rule 4450(a)(5). There can be no assurance that the implementation of the reverse split will result in continued listing of the Company's common stock.

About MediaBay Inc.

MediaBay Inc. (NASDAQ:MBAY) is a leading digital media and publishing company specializing in spoken word and premium audio entertainment. The company maintains a library consisting of over 75,000 hours of content, including audio books from best-selling authors and the history of American Radio. Some of MediaBay's digital content partners include BBC, Blackstone, Brilliance Audio, CBS Radio, Harper Collins, Hay House, Oasis, Penguin Group USA Audio, Random House, Simon & Schuster, Sound Room Publishers, Time Warner Audio and Zondervan. In addition to its popular Audio Book Club, MediaBay distributes its content through proprietary web sites including soundsgood.com, audiobookclub.com and radiospirits.com as well as through partner channels including Loudeye, MSN Music, Sirius Satellite Radio and XM Satellite Radio. For more information on MediaBay, please visit www.mediabay.com, www.soundsgood.com, www.audiobookclub.com, and www.radiospirits.com.

Certain statements in this press release constitute "forward-looking" statements that involve a number of known and unknown risks, uncertainties and other factors which may cause MediaBay's actual results, performance or achievements to be materially different from any results, performances or achievements express or implied by such forward-looking statements. All statements other than statements of historical facts included in this press release including, without limitation, statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of our management for future operations are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," or "continue" or the negative thereof or variations thereon or similar terminology. Important factors that could cause actual results to differ materially from our expectations, include, without limitation, our future stock price, our history of losses; the success of our new digital media distribution strategy and our ability to anticipate and respond to changing customer preferences, license and produce desirable content, protect our databases and other intellectual property from unauthorized access, collect receivables; dependence on third- party providers, suppliers and distribution channels; competition; the costs and success of our marketing strategies; product returns; member attrition and other risks detailed in our Annual Report on Form 10-K for the year ended December 31, 2004. Undue reference should not be placed on these forward- looking statements, which speak only as of the date hereof. We undertake no obligation to update any forward-looking statements.

Source: MediaBay, Inc.

CONTACT: Tim Clemensen of Rubenstein Investor Relations, +1-212-843-9337, tclemensen@rubensteinir.com

Web site: http://www.mediabay.com/ http://www.soundsgood.com/ http://www.audiobookclub.com/ http://www.radiospirits.com/

------- Profile: Ent