FOR IMMEDIATE RELEASE

Contacts:

Avenue Entertainment Group                       Double Bay Entertainment
Cary Brokaw, President and CEO                   Rob Chapman, President and CEO
Sheri Halfon, Senior Vice-President              323-876-6400
310-996-6800


               AVENUE ENTERTAINMENT GROUP ACQUIRES LCA PRODUCTIONS

                Establishes Avenue Family Entertainment Division

        Los Angeles,  CA, January 29, 2001 - - Avenue  Entertainment Group, Inc.
(AMEX:  PIX) announced today the first step in its planned expansion of its film
and television activities with the acquisition of LCA productions, Inc., and the
creation  of a  new  division  of  the  company,  Avenue  Family  Entertainment,
concentrating on high quality family oriented feature films.

        With the  expansion of its  production  activity,  Avenue  Entertainment
Group is actively  assembling a combination of financial  resources,  which will
enable the company to finance  many of its future  productions,  expand its film
library and retain a considerably larger share of film revenues.

        The company has agreed to acquire LCA Productions, Inc., from Double Bay
Entertainment,  Inc. in a stock only transaction.  As a subsidiary of Double Bay
Entertainment,  LCA  Productions,  Inc.  has the  rights to  produce a series of
family  oriented live action  feature  films,  known as "The  Adventures of ..."
series,  based on the most  celebrated  characters  of myth and  legend in their
teenage  years.  Avenue and Double Bay will cooperate to produce and market "The
Adventures of ..." series,  beginning  with the first four films,  which feature
well-known characters from the Arthurian legends.

        Double Bay Entertainment has secured a majority of the financing for the
four  films,  which  will be  produced  concurrently.  They will have a combined
budget of approximately $22 million.  Avenue Family Entertainment and Double Bay
Entertainment  also plan to exploit  the films with  respect to  publishing  and
interactive videogames.

        With this  acquisition and the creation of the wholly owned  subsidiary,
Avenue  Family  Entertainment,  Avenue  Entertainment  Group will also  actively
pursue other  opportunities in what it believes is the growing world-wide market
for quality  family  oriented  feature  films,  films for  television  and other
television programming.

        In addition,  Avenue  Entertainment  Group and Double Bay  Entertainment
will cooperate in the development and production of a range of other feature and
television  films,  as well as in  securing  production  financing  through  the
combination of an equity based production fund and tax based co-financing.

        Double  Bay  Entertainment,  Inc.  is a company  founded  in the USA by
Australian  interests to develop,  finance,  market and arrange  distribution of
filmed entertainment projects.

        "Double Bay  Entertainment  is delighted by its association  with Avenue
Entertainment  Group," Rob Chapman,  the company's President and CEO said today.
"Avenue  Entertainment  Group's  extensive film and television  development  and
production experience, and its talent and industry relationships, will obviously
provide  a most  significant  new  dimension  for our  company's  resources  and
activities, while we are very confident that Double Bay will contribute strongly
to the successful expansion into new directions by Avenue," Chapman said.



        "We are excited to be working with Double Bay  Entertainment and believe
this is an important ongoing relationship with which we can positively transform
the scope and nature of our  business",  said Cary Brokaw,  President and CEO of
Avenue  Entertainment Group. "We believe there is a large and growing market for
high quality family oriented films based on established  literary properties and
produced for appropriate budgets that represents an exciting opportunity for our
new division."

        Avenue Entertainment Group is a diversified  entertainment  company that
produces feature films,  movies for television and cable,  television series and
one-hour biography programs. Avenue Pictures, a division of Avenue Entertainment
Group,  and Brokaw have produced the Academy Award (R) winning  Restoration,  as
well as Robert Altman's Short Cuts and The Player, the later being nominated for
five Academy  Awards (R),  including  Best Picture.  Brokaw and Avenue have also
produced such features as Finding Graceland,  Drugstore Cowboy and The Object Of
Beauty.  The company's  most recent cable  production is the film version of the
Pulitzer Prize winning play, Wit, for HBO starring Emma Thompson and directed by
Mike Nichols.  The company's  upcoming  feature films include  Mindhunters to be
financed by Intermedia  and The Last Good Feeling  directed by James  Merendino.
Upcoming  cable and  television  movies  include The Twelve (USA  Networks)  and
Special Occasions (CBS).

Safe Harbor statement under the Private  Securities  Reform Act of 1995:  Except
for historical information contained herein, the matters discussed in this press
release are  forward-looking  statements  that involve risks and  uncertainties,
including   but  not  limited  to  economic,   competitive,   governmental   and
technological factors affecting the Company's operations,  markets, products and
prices, the inherent uncertainty of the film and television  production business
(in which success of a product depends upon  unpredictable  and changing factors
such as competition and audience  acceptance) and other factors discussed in the
Company's various filings with the Securities and Exchange Commission.

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