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                                                                   Exhibit 10.48


                           REVOLVING PROMISSORY NOTE

$10,000,000                                                Stamford, Connecticut
                                                                January 12, 2000

          FOR VALUE RECEIVED, on or before April 7, 2001 (the "Maturity Date"),
Synapse Group, Inc. (f/k/a/ NewSub Services, Inc.), a Delaware corporation (the
"Borrower") hereby promises to pay to the order of Michael Loeb (the "Lender"),
the lesser of the principal sum of Ten Million Dollars ($10,000,000) or the
aggregate unpaid principal amount of all Advances (defined below) made by the
Lender to the Borrower, in immediately available funds at his office located at
#4 High Ridge Road, Stamford, Connecticut (or such other place as Lender may
designate), together with interest on the unpaid principal amount hereof at the
rates and on the dates set forth herein.  The Lender hereby agrees, so long as
no Event of Default exists, to make all Advances as may be requested by the
Borrower hereunder prior to the Maturity Date, provided that the aggregate sum
of the principal amount of all Advances outstanding hereunder from time to time
does not exceed $10,000,000.

          The outstanding principal of each Advance hereunder shall accrue
interest at a per annum rate equal to one percent (1.0%) above the Base Rate (as
defined below).

          Each request for an Advance shall be in writing and shall be made by
the Borrower at least seven (7) three (3) Business Days prior the requested date
of such Advance.  Each Advance shall be in the minimum amount of $250,000 (and
in integral multiples of $100,000 if in excess thereof).  Each request for an
advance hereunder shall specify the date of such Advance, and the amount of such
Advance. The Lender shall, and is hereby authorized to, record on the schedule
attached hereto, or to otherwise record in accordance with its usual practice,
the date and amount of each Advance and the date and amount of each principal
payment hereunder.

          The Borrower may prepay any Advance without premium or penalty subject
to the Borrower giving at least one (1) Business Day prior written notice to the
Lender.

          For the purpose of this Note, the following terms shall have the
following meanings:

          "Advance" shall mean a borrowing under this Note.

          "Base Rate" shall mean a rate per annum equal to the rate of interest
          published in The Wall Street Journal, National edition as the "prime
          rate", changing when and as such prime rate changes. Changes in the
          rate of interest on that portion of any Advance bearing interest at
          the Base Rate will take effect simultaneously with each change in the
          Base Rate.

          "Business Day" shall mean any day other than a Saturday, Sunday, or
          other day on which commercial banks in the State of Connecticut are
          authorized or required to close under the laws of the State of
          Connecticut.
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          "Termination Date" means the earlier of (1) the Maturity Date, and (2)
          the date on which the Lender declares an event of default pursuant to
          the terms hereof.

          Interest shall be payable hereunder on each Advance on January 1,
April 1, July 1 and October 1 of each calendar year.  Interest shall be computed
on the basis of a three hundred sixty-five (365) day year and actual days
elapsed.  Upon default or after maturity or after judgment has been rendered on
this Note, each Advance shall bear interest at a rate per annum equal to the
Base Rate plus two percent (2.0%) per annum.  In addition to, and not in
limitation of, the foregoing, during the continuance of a default hereunder, to
the extent permitted by law, overdue interest, fees (including reasonable
attorney's fees and the commitment fee) and other charges payable hereunder
shall bear interest from and including the due date hereof until paid at a rate
per annum equal to the Base Rate plus two percent (2.0%) per annum.   Such rate
shall be in effect until all the obligations of the Borrower to the Lender are
paid in full.  In no event shall any interest be at a rate in excess of the
maximum rate permitted by law.

          At the option of the holder, this Note shall become immediately due
and payable upon the occurrence and during the continuance at any time of any of
the following events of default (each an "Event of Default"):  (1) default in
the payment when due of any principal of any Advance; (2) default, and such
default shall continue unremedied for three or more Business Days, in the
payment when due of any interest on any Advance; (3)(a) default in the payment
(whether by scheduled maturity, required prepayment, acceleration, demand or
otherwise) of any amount owing in respect of any liability or obligation of the
maker (other than any payment under this Note), or of any indorser or guarantor
of any payment of the maker, to the holder, in the aggregate principal amount of
$250,000 or more; (3)(b) default in the performance or observance of any other
liability or obligation of the maker, to the holder, or any other event shall
occur or condition exist, if the effect of such default, event or condition is
to accelerate the maturity of any such liability or obligation, or any such
obligation or liability shall become or be declared to be due and payable prior
to its stated maturity other than as a result of a regularly scheduled payment;
(4) the liquidation, termination, dissolution or the appointment of a receiver
for the maker or its property as a whole; (5) the institution by the maker of
any proceedings under the United States Bankruptcy Code or any other federal or
state law in which the maker is alleged to be insolvent or unable to pay his
debts as they mature or the making by the undersigned of an assignment or trust
mortgage for the benefit of creditors; (6)(a) the institution against the maker
of any proceedings under the United States Bankruptcy Code or of any other
federal or state law in which the maker is alleged to be insolvent or unable to
pay his debts as they mature, and (b) the failure of the maker to cause such
proceedings to be dismissed or stayed within 30 days; or (7) the occurrence of
an event of default under the Credit Agreement dated January 12, 2000 between
the Borrower and Jay Walker, as amended, supplemented or modified and in effect
from time to time; whereupon the holder shall have then, or at any time
thereafter, all of the rights and remedies afforded by the Uniform Commercial
Code as from time to time in effect in the Commonwealth of Massachusetts or
afforded by other applicable law.

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          Any expenses incurred in connection with the enforcement or collection
of the Advances or the Lender's rights hereunder, including reasonable
attorney's fees, shall be paid by the Borrower.

          This Note and the rights as described herein are not assignable in
whole or in part by the Borrower, and are personal to the Borrower and may not
be relied upon by any other party.

          No delay or omission on the part of the holder in exercising any right
hereunder shall operate as a waiver of such right or of any other right of such
holder, nor shall any delay, omission or waiver on any one occasion be deemed a
bar to or waiver of the same or any other right on any future occasion.  The
maker and every indorser or guarantor of this Note regardless of the time, order
or place of signing waives presentment, demand, protest and notices of every
kind and assents to any extension or postponement of the time of payment or any
other indulgence, to any substitution, exchange or release of collateral, and to
the addition or release of any other party or person primarily or secondarily
liable.

          None of the terms or provisions of this Note may be excluded,
modified, or amended except by a written instrument duly executed on behalf of
the holder expressly referring hereto and setting forth the provision so
excluded, modified or amended.

          ALL RIGHTS AND OBLIGATIONS HEREUNDER SHALL BE GOVERNED BY THE LAWS OF
THE STATE OF CONNECTICUT AND THIS NOTE SHALL BE DEEMED TO BE UNDER SEAL.

          EXECUTED as of this 12th day of January, 2000 as an instrument under
seal.

                                             SYNAPSE GROUP, INC.

                                             By: /s/ Jonathan A. Siegel
                                                ------------------------------
                                             Name:  Jonathan A. Siegel
                                             Title: Vice President, General
                                                    Counsel and Secretary

AGREED:


/s/ Michael Loeb
-------------------
Michael Loeb


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