JAG Media Holdings, Inc. Announces Filing of Definitive Proxy Statement with Proposal for "Custody Only" Trading

Boca Raton, FL, January 3, 2003 - JAG Media Holdings, Inc. (OTCBB: JGMHA) announced today that it filed with the SEC a definitive proxy statement for its annual stockholders meeting. In addition to the normal proposals for the election of directors of the Company and appointment of the Company's auditors, the definitive proxy statement includes a non-binding proposal asking for its stockholders' views on "custody only" trading.  

Under "custody only" trading the company would implement a share transfer system which requires that any transfers of the company's stock be made only by delivery of physical stock certificates. Once received by the company's transfer agent, the certificates of the selling stockholder would be cancelled and a new certificate for the same number of shares would be issued in the buyer's name. Under such a system, no certificates would be issued in the name of Depository Trust Company, Cede & Co. or any other nominee.  This arrangement is designed to protect the Company's stockholders against naked short selling of the Company's stock.

The date of the annual meeting of stockholders is January 31, 2003 and the record date for the meeting is January 2, 2003. Stockholders should note that only record holders of JAG Media Class A common stock or JAG Media Series 1 Class B common stock, as of January 2, 2003, will be entitled to vote their shares. Mailing of the proxy to stockholders of record will commence next week. 

JAG Media Holdings, Inc. has filed a definitive proxy statement with the Securities and Exchange Commission. THE DEFINITIVE PROXY STATEMENT CONTAINS IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE PROPOSALS CONTAINED THEREIN.  The definitive proxy statement will be made available to all stockholders of record of JAG Media Holdings, Inc. at no expense to them.  The definitive proxy statement will also be available for free at the SEC?s website at www.sec.gov.

Certain officers and directors of JAG Media Holdings, Inc. may be considered participants in the solicitation.  Please see the definitive proxy statement on file with the SEC for a description of the interests of these individuals in the solicitation.

About JAG Media Holdings, Inc. 

JAG Media Holdings, Inc. is a  provider of Internet-based equities research and financial information that offers its subscribers a variety of stock market research, news, commentary and analysis, including "JAG Notes", the Company's flagship early morning consolidated research product. The Company also offers, through its wholly-owned subsidiary, JAG Company Voice LLC, its "Company Voice" service which provides publicly traded companies with production services and distribution for their corporate messages in streaming video/audio format. The Company's websites are located at www.jagnotes.com and www.thecompanyvoice.com.