WLW Woolworths

RNS Number:0293Z
Woolworths Group PLC
24 July 2002



                              WOOLWORTHS GROUP PLC

                                  ACQUISITION

Woolworths Group plc, today announces, the acquisition by its video and music
publishing subsidiary, VCI plc ("VCI"), of a strategic investment in Banana
Split Productions Limited ("Banana Split").

Banana Split is a production company specialising in the creation and production
of pre-recorded videos, feature film trailers, television programming and
advertisements.

VCI has acquired an initial stake of approximately 76% in Banana Split from
private shareholders for up to £2 million (payable in cash) with put/call
options in place for the balance, the exercise price of which will depend on the
post-tax profits of Banana Split for the four financial years to 30th June 2006.

The acquisition marks further progress for VCI in its strategy of focussing on
music and video publishing and the ownership and control of related intellectual
property rights.

For more information contact:-

Tulchan Communications    020 7353 4200

Kate Inverarity
Alexia Latham


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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