Exhibit 99.1





Contact:    Karen L. Dexter
            Director, Investor Relations
            (650) 367-4111

                        AMPEX CORPORATION TO DISCONTINUE
                            INTERNET VIDEO OPERATIONS
                            -------------------------

REDWOOD CITY, Calif. July 20, 2001 - Ampex Corporation (Amex:AXC) today
announced that it is discontinuing the operations of iNEXTV, its Internet video
subsidiary.

The Company will close iNEXTV's operations in New York City immediately and will
terminate the development of Internet video technology in Redwood City. It will
also discontinue making investments in its partially-owned affiliates, AENTV in
Los Angeles and TV1.de in Munich, Germany and will write off its investments in
those entities completely.

In connection with the actions disclosed above, Ampex expects to record a second
quarter charge of approximately $ 4.6 million to write down goodwill and other
assets and to record a charge of approximately $ 5.5 million to reflect other
costs of closure, principally real estate leases.

Ampex attributed the decision to the difficulty in obtaining additional funding
for iNEXTV due to adverse capital market conditions for Internet-based
companies. Ampex will continue to license its technology primarily for use in
video products, and continues to seek a buyer for its Data Systems subsidiary.

Ampex Corporation, www.Ampex.com, headquartered in Redwood City, California, is
a leading innovator and licensor of visual information technology.

This news release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve risk and
uncertainties and unforeseen circumstances that could cause actual results to
differ materially from those currently anticipated. Potential risks and
uncertainties include, without limitation, risks of continuing losses from
future operations, risks of declining liquidity, risks that the Company will be
unable to sell Data Systems, risks regarding its ability to continue as a going
concern, and other risks mentioned in the Company's 2000 Annual Report on Form
10-K filed with the SEC, its Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2001, and its Quarterly Report on Form 10-Q for the
fiscal quarter ended June 30, 2001, which is expected to be filed shortly.