Five and Under

[Georgia Bard]

MFNX will move up ... Metromedia Fiber Network Announces Signing of $231 Million Vendor Financing
Agreement


Business and Technology Editors

NEW YORK--(BUSINESS WIRE)--Sept. 20, 2001--Metromedia Fiber
Network, Inc. (MFN) (Nasdaq: MFNX), the leader in deployment of
optical IP Internet infrastructure within key metropolitan areas
domestically and internationally, announced today that it has signed
an agreement for $231 million of vendor financing.
The agreement expires on September 28, 2001 if the closing does
not occur on or prior to that date.
The closing of the $231 million of vendor financing is subject to
conditions including: (i) the closing of the $150 million note
facility led by Citicorp, USA, for which the Company has a signed
agreement subject to various conditions, and (ii) the closing of the
$230 million of convertible notes financing, for which the Company has
commitments of $180 from Company affiliates and $50 million from an
investor.
The Company cannot provide any assurances that it will be able to
consummate any of the financings it is pursuing. Each of the
financings is contingent upon the consummation of the other
financings. In the event that the Company does not consummate the
financings, it will need to seek protection under the bankruptcy laws.
In the event that the Company does consummate the financings, the
Company's stockholders will be significantly diluted as a result of
the issuance of equity to the parties providing financing.

About Metromedia Fiber Network, Inc.

Metromedia Fiber Network, Inc., the leader in deployment of
optical IP Internet infrastructure within key metropolitan areas
domestically and internationally, is revolutionizing the fiber-optic
industry. By offering virtually unlimited, unmetered metro-area
communications capacity at a fixed cost, Metromedia Fiber Network is
eliminating the bandwidth barrier and redefining the way broadband
capacity is sold.
MFN's optical network enables its customers to implement the
latest data, video, Internet and multimedia applications. Through its
subsidiaries AboveNet Communications, Inc., the architect of the
Internet Service Exchange (ISX), PAIX.net, Inc., the first and leading
neutral Internet exchange, and SiteSmith, a leader in delivering
comprehensive Internet infrastructure managed services, MFN is a
leading provider of Internet connectivity, co-location and managed
services solutions for high-bandwidth and business-critical
applications. The Company offers a world-class network that provides
co-location services and Internet connectivity for content providers,
ISPs and application service providers. Its global optical Internet
uses open peering and "best exit" technology to deliver fast,
scaleable and reliable connections to the Internet, and improves the
Internet experience for end-users.
For more information on AboveNet and its service offering visit
the company's Web site at www.above.net. For more information about
PAIX.net, Inc., visit the company's Web site at www.paix.net. For more
information about SiteSmith, visit the company's Web site at
www.sitesmith.com. For more information about Metromedia Fiber
Network, please visit the company's Web site at www.mmfn.com.

This news release contains forward-looking statements that involve
risks and uncertainties. Factors that could cause or contribute to
such risks and uncertainties include, but are not limited to, general
economic and business conditions, competition, changes in technology
and methods of marketing, execution risk relating to the transaction
described herein and various other factors beyond the Company's
control. This also includes such factors as are described from time to
time in the SEC reports filed by Metromedia Fiber Network, including
the most recently filed Forms S-3, 10-K and 10-Q.

--30--dc/ny*

CONTACT: Metromedia Fiber Network
Media Relations:
Kara Carbone, 914/683-6386
[e-mail]
Investor Relations:
Martin Cohen, 212/606-4389



:=) Gary Swancey