Balducci's to Unveil New Concept Located at Hearst Tower, New York City

NEW YORK, NY--(Marketwire - Sep 21, 2011) - Balducci's, the legendary New York City gourmet food market, is launching its first Balducci's Gourmet on the Go Café at Hearst Tower, headquarters to Hearst Corporation, 300 West 57^th Street in New York City.

As the first company in New York City to sell premium high quality prepared food, Balducci's became the icon for specialty food markets. "For the Balducci family, there was no middle ground," said Emil Grosso, Vice President of Business Development for the company. "The products simply had to be the best and that principle remains unchanged today."

The Café will be an authentically unique celebration of gourmet food and will provide a memorable experience for the residents and businesses in the area. It will be run by an expert chef focusing on fresh local ingredients in custom-made salads, artisan sandwiches, and sweet and savory crepes. The breads and pastries are purveyed from the finest local bakeries and Balducci's has "the best coffee in New York City" according to Grosso.

"Balducci's has the reputation of being one of the oldest and finest brands in specialty food and we are very pleased to welcome them to Hearst Tower," said Lou Nowikas, Senior Director, Corporate Real Estate & Facilities Planning, Hearst Corporation. "Like Hearst, Balducci's is a New York institution."

Balducci's Food Lover's Market is a gourmet specialty food retailer, founded in 1916, with stores located in Connecticut, Maryland, New York and Virginia.
www.balduccis.com.

Balducci's principal shareholders are funds managed by Angelo, Gordon & Co., a leading New York based investment firm with over $23 billion in assets under management specializing in private equity, real estate and credit investments.

Hearst Corporation (www.hearst.com) is one of the nation's largest diversified media companies. Its major interests include ownership of 15 daily and 38 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, San Antonio Express-News and Albany Times Union; hundreds of magazines around the world, including Good Housekeeping, Cosmopolitan, ELLE and O, The Oprah Magazine; 29 television stations, which reach a combined 18% of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, History and ESPN; as well as business publishing, including a minority joint venture interest in Fitch Ratings; Internet and marketing services businesses, television production, newspaper features distribution and real estate.