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MDP Worldwide Entertainment Inc. Announces Special Meeting of Shareholders

10/27/2003

Attention Business Editors:

MDP Worldwide Entertainment Inc. Announces Special Meeting of Shareholders

- Proposes name change to “M8 Entertainment Inc./ Divertissements M8 Inc.”

- Requests authorization for “reverse stock split”

- Requests increase in shares reserved for stock options

MONTREAL, October 27/CNW Telbec/ - MDP Worldwide Entertainment Inc. ("MDP" or the "Corporation") (TSX: MDP.A and MDP.B), a leading independent film entertainment company engaged in the development, financing, production, and worldwide distribution of theatrical feature films, announced today that it intends to present for the approval of shareholders three proposals at an upcoming Special Meeting of Shareholders to be held in Los Angeles early this winter.

The Corporation intends to have shareholders vote on its proposal to change its name from MDP Worldwide Entertainment Inc. to M8 Entertainment Inc.

“Our principal operating subsidiary, Media 8 Entertainment, is now one of the few independents in the marketplace that has the financial resources to ‘greenlight’ feature films without pre-sales,” stated Chairman and CEO Mark Damon. “For the last ten years, MDP Worldwide Entertainment Inc. has established itself as one of the leading international sales companies and the name change signifies our new corporate mission to focus on financing and producing films, both on our own and in conjunction with our strategic international partners.”

Vice Chairman Sammy Lee, who represents the majority ownership interest of the Corporation, stated, “Since making a significant equity investment in MDP Worldwide Entertainment Inc., we have been extremely pleased to see how the company’s production slate has started to markedly increase and become the cornerstone for our ongoing operational efforts. Our name change will symbolize a new identity and define a benchmark for us to bring M8 Entertainment Inc. to a higher level and become a powerful icon in the motion picture business. Moreover, our change in business strategy will provide us with the opportunity to selectively pursue investments in various other media related businesses.”

In addition, the Corporation intends to have shareholders vote to adopt a special resolution approving an amendment to the Articles of the Corporation to consolidate each of the issued and outstanding Class A Multiple Voting Shares, Class B Subordinate Voting Shares and Series C Preferred Shares. Such consolidation (also known as a “reverse stock split”) would be on the basis of a ratio within the range of one post-consolidation share for every ten pre-consolidation shares to one post-consolidation share for every thirty pre-consolidation shares, with the ratio to be selected and approved by the Corporation’s Board of Directors in its sole discretion, if at all, for a twelve month period. It is the intention of the Corporation that there be no material change in the voting or equity interest of the respective classes of stock and that such consolidation would be applied equally throughout all classes of stock.

“It is believed that certain institutional investors and investment funds may be prevented under their investment policies from investing in companies with a share price below a certain threshold” stated Devin Cutler, Vice President of Finance and Controller of the Corporation, “As well, certain investment banks and brokerage firms will not provide market analysis for low priced stock on a consistent basis or may charge a greater percentage commission on low priced stock than that which would be charged on a transaction of a similar dollar amount but with fewer traded shares. These circumstances may adversely impact trading in the Corporation’s Subordinate Voting Shares”

“We are very hopeful that a consolidation of shares will help to ameliorate these issues, enhance the liquidity of the stock of the Corporation, and serve to create and maintain a vibrant trading market for the stock,” added Mr. Cutler.

Finally, the Corporation intends to request authorization to increase the number of Class B Subordinate Voting Shares that may be issued pursuant to its Stock Option Plan.

“We feel that stock options are an invaluable method to provide the Corporation with the means to attract, encourage, retain and motivate service providers whose skills, performance and loyalty to the Corporation and its subsidiaries are necessary to their success, image, reputation, development or activities” stated Mr. Damon.

The proposed amendment to the Corporation’s Stock Option Plan would increase the number of Class B Subordinate Voting Shares that may be issued in the form of stock options by approximately 7.5 million shares, from a current level of 15.9 million shares to an amended level of 23.5 million shares (to be adjusted following the reverse stock split).

Certain statements in this report may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

MDP Worldwide Entertainment Inc. is a leading independent film entertainment company engaged in the development, financing, production and worldwide distribution of feature films. The Corporation currently has offices in Montreal and Los Angeles.

Ticker symbols: MDP.A & MDP.B (TSX)
www.mdpworldwide.com
/For further information: Devin Cutler, Vice President of Finance and
Controller, or Pierre Kurland, Director of Financial Reporting, /
(MDP.A. MDP.B.)
CO: MDP Worldwide Entertainment Inc.
ST: Quebec
IN: ENT FLM
SU: ERN
-30-

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