Replay Plans $150M IPO

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Mountain View, Calif. — ReplayTV Inc. has filed with
the Securities and Exchange Commission for an initial public offering meant to raise $150
million.

Replay markets a personal-television recorder, a device
that stores programming on a hard drive according to a viewer's selected favorite shows or
actors.

The company did not reveal how many shares it will offer or
at what price. That information is expected in future filings.

It appears the offering could attract substantial interest,
given the performance of competitor TiVo Inc.

TiVo, which went public in September at $16 per share, has
traded as high as $51 per share. TiVo's stock closed at $38.50, down $6.81 each, on Jan.
26. Shares were down $3.25 each to $35.25 in afternoon trading Jan. 27.

TiVo, like Replay, has largely been a development-stage
company, racking up big losses on little revenue as it tries to establish a market. For
the fourth quarter ended Dec. 31, TiVo had revenue of $182,000, up from $33,000 in the
third quarter of 1999. Net losses increased to $35 million ($1.03 per share) for the
fourth quarter, versus a loss of $20 million ($3.40 per share) in the third quarter.

For the year, revenue was $223,000 and net losses were $67
million, or $5.49 per share.

Replay started to ship its personal-video recorders in
April. According to the filing, it has seen no recognized operating revenue. The company
reported losses of $20.1 million in the nine-month period ended Sept. 30.

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