<PAGE>

                                                                     EXHIBIT 4.5

THIS WARRANT AND ANY SECURITIES ACQUIRED UPON EXERCISE OF THIS WARRANT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
LAW OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION TO THE
REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS. THIS WARRANT AND SUCH
SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN
COMPLIANCE WITH THE CONDITIONS SPECIFIED IN THIS WARRANT AND IN THE WARRANT
AGREEMENT, DATED AS OF OCTOBER 28, 1999, BETWEEN THE COMPANY AND VECTOR CAPITAL
II, L.P., A COPY OF WHICH WILL BE MADE AVAILABLE BY THE ISSUER UPON REQUEST.

                 PHASE2MEDIA, INC. (F/K/A CKG MEDIA.COM, INC.)

                         COMMON STOCK PURCHASE WARRANT

No. W-G-1                                                       January 27, 2000

                         Void after October 27, 2003        Warrant to Purchase
                                                            up to 280,000 Shares
                                                            of Common Stock

          PHASE2MEDIA, INC. (f/k/a CKG Media.com, Inc.), a Delaware Corporation
(the "Company"), for value received, hereby certifies that Vector Capital II,
L.P. or their registered assigns (the "Holder"), is entitled to purchase from
the Company up to Two Hundred and Eighty Thousand (280,000) duly authorized,
validly issued, fully paid and nonassessable shares of Common Stock, par value
$.001 per share, of the Company (the "Common Stock") at a purchase price of
$0.63 per share, at any time or from time to time commencing on the date first
set forth above and prior to 5:00 P.M., New York City time, on October 27, 2003
(the "Expiration Date"), all subject to the terms, conditions and adjustments
set forth below in this Warrant.

          The warrants represented by this common stock purchase warrant
certificate (collectively, the "Warrants", such term to include any such
warrants issued in substitution therefor) are part of the aggregate Warrants
issued pursuant to that certain warrant agreement dated as of October 28, 1999
(the "Warrant Agreement") between the Company and Vector Capital II, L.P., all
of which are identical, except with respect to the actual date of issuance.
Capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned such terms in the Warrant Agreement.

                                      -1-
<PAGE>

          1.   "Definitions".  As used herein, unless the context otherwise
                -----------
requires, the following terms shall have the meanings indicated:

          "Business Day" shall mean any day other than a Saturday or a Sunday or
           ------------
a day on which commercial banking institutions in the City of New York are
authorized by law to be closed.  Any reference to "days" (unless Business Days
are specified) shall mean calendar days.

          "Commission" shall mean the Securities and Exchange Commission or any
           ----------
successor agency having jurisdiction to enforce the Securities Act.

          "Common Stock" shall have the meaning assigned to it in the
           ------------
introduction to this Warrant, such term to include any stock into which such
Common Stock shall have been changed or any stock resulting from any
reclassification of such Common Stock, and all other stock of any class or
classes (however designated) of the Company the holders of which have the right,
without limitation as to amount, either to all or to a share of the balance of
current dividends and liquidating dividends after the payment of dividends and
distributions on any shares entitled to preference.

          "Company" shall have the meaning assigned to it in the introduction to
           -------
this Warrant, such term to include any corporation or other entity which shall
succeed to or assume the obligations of the Company hereunder in compliance with
Section 4.

          "Current Market Price" shall mean, on any date specified herein, the
           --------------------
average of the daily Market Price during the 10 consecutive trading days
commencing 15 trading days before such date, except that, if on any such date
the shares of Common Stock are not listed or admitted for trading on any
national securities exchange or quoted in the over-the-counter market, the
Current Market Price shall be the Market Price on such date.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, as
           ------------
amended from time to time, and the rules and regulations thereunder, or any
successor statute.

          "Expiration Date" shall have the meaning assigned to it in the
           ---------------
introduction to this Warrant.

          "Holder" shall have the meaning assigned to it in the introduction to
           ------
this Warrant.

          "Market Price" shall mean, on any date specified herein, the amount
           ------------
per share of the Common Stock, equal to (a) the last reported sale price of such
Common Stock, regular way, on such date or, in case no such sale takes place on
such date, the average of the closing bid and asked prices thereof, regular way,
on such date, in either case as officially reported on the principal national
securities exchange on which such Common Stock is then listed or admitted for
trading, or (b) if such Common Stock is not then listed or admitted for trading
on any national securities exchange but is designated as a national market
system security by the NASD, the last reported trading price of the Common Stock
on such date, or (c) if there shall have been no trading on such date or if the
Common Stock is not so designated, the average of the closing bid and asked
prices of the Common Stock on such date as shown by the NASD automated quotation
system or the Nasdaq SmallCap

                                      -2-
<PAGE>

Market, or (d) if such Common Stock is not then listed or admitted for trading
on any national exchange or quoted in the over-the-counter market, the fair
value thereof (as of a date which is within 20 days of the date as of which the
determination is to be made) determined in good faith by the Board of Directors
of the Company.

          "NASD" shall mean the National Association of Securities Dealers, Inc.
           ----

          "Other Securities" shall mean any stock (other than Common Stock) and
           ----------------
other securities of the Company or any other Person (corporate or otherwise)
which the holders of the Warrants at any time shall be entitled to receive, or
shall have received, upon the exercise of the Warrants, in lieu of or in
addition to Common Stock, or which at any time shall be issuable or shall have
been issued in exchange for or in replacement of Common Stock or Other
Securities pursuant to Section 4 or otherwise.

          "Person" shall mean any individual, firm, partnership, corporation,
           ------
trust, joint venture, association, joint stock company, limited liability
company, unincorporated organization or any other entity or organization,
including a government or agency or political subdivision thereof, and shall
include any successor (by merger or otherwise) of such entity.

          "Purchase Price" shall mean initially $0.63 per share, subject to
           --------------
adjustment and readjustment from time to time as provided in Section 3, and, as
so adjusted or readjusted, shall remain in effect until a further adjustment or
readjustment thereof is required by Section 3.

          "Restricted Securities" shall mean (a) any Warrants bearing the
           ---------------------
applicable legend set forth in Section 9.1, (b) any shares of Common Stock (or
Other Securities) issued or issuable upon the exercise of Warrants which are
(or, upon issuance, will be) evidenced by a certificate or certificates bearing
the applicable legend set forth in such Section, and (c) any shares of Common
Stock (or Other Securities) issued subsequent to the exercise of any of the
Warrants as a dividend or other distribution with respect to, or resulting from
a subdivision of the outstanding shares of Common Stock (or other Securities)
into a greater number of shares by reclassification, stock splits or otherwise,
or in exchange for or in replacement of the Common Stock (or Other Securities)
issued upon such exercise, which are evidenced by a certificate or certificates
bearing the applicable legend set forth in such Section.

          "Securities Act" shall mean the Securities Act of 1933, as amended
           --------------
from time to time, and the rules and regulations thereunder, or any successor
statute.

          "Warrant Agreement" shall mean Warrant Agreement dated as of October
           -----------------
28, 1999 between the Company and Vector Capital II, L.P.

          "Warrants" shall have the meaning assigned to it in the introduction
           --------
to this Warrant.

                                      -3-
<PAGE>

          2.   Exercise of Warrant.
               -------------------

          2.1. Manner of Exercise; Payment of the Purchase Price.  (a) This
               -------------------------------------------------
Warrant may be exercised by the Holder hereof, in whole or in part, at any time
or from time to time commencing on the date first set forth above and prior to
the Expiration Date, by surrendering to the Company at its principal office this
Warrant, with the form of Election to Purchase Shares attached hereto as Exhibit
A (or a reasonable facsimile thereof) duly executed by the Holder and
accompanied by payment of the Purchase Price for the number of shares of Common
Stock specified in such form.

          (b)  Payment of the Purchase Price may be made as follows (or by any
combination of the following):  (i) in United States currency by cash or
delivery of a certified check or bank draft payable to the order of the Company
or by wire transfer to the Company, (ii) by cancellation of such number of the
shares of Common Stock otherwise issuable to the Holder upon such exercise as
shall be specified in such Election to Purchase Shares, such that the excess of
the aggregate Current Market Price of such specified number of shares on the
date of exercise over the portion of the Purchase Price attributable to such
shares shall equal the Purchase Price attributable to the shares of Common Stock
to be issued upon such exercise, in which case such amount shall be deemed to
have been paid to the Company and the number of shares issuable upon such
exercise shall be reduced by such specified number, or (iii) by surrender to the
Company for cancellation certificates representing shares of Common Stock of the
Company owned by the Holder (properly endorsed for transfer in blank) having a
Current Market Price on the date of Warrant exercise equal to the Purchase
Price.

          2.2. When Exercise Effective.  Each exercise of this Warrant shall be
               -----------------------
deemed to have been effected immediately prior to the close of business on the
Business Day on which this Warrant shall have been surrendered to, and the
Purchase Price shall have been received by, the Company as provided in Section
2.1, and at such time the Person or Persons in whose name or names any
certificate or certificates for shares of Common Stock (or Other Securities)
shall be issuable upon such exercise as provided in Section 2.3 shall be deemed
to have become the holder or holders of record thereof for all purposes.

          2.3. Delivery of Stock Certificates, etc.; Charges, Taxes and
               --------------------------------------------------------
Expenses.  (a) As soon as practicable after each exercise of this Warrant, in
--------
whole or in part, and in any event within five Business Days thereafter, the
Company shall cause to be issued in the name of and delivered to the Holder
hereof or, subject to Section 9 and the Warrant Agreement, as the Holder may
direct,

          (1)  a certificate or certificates for the number of shares of Common
     Stock (or Other Securities) to which the Holder shall be entitled upon such
     exercise plus, in lieu of issuance of any fractional share to which the
     Holder would otherwise be entitled, if any, a check for the amount of cash
     equal to the same fraction multiplied by the Current Market Price per share
     on the date of Warrant exercise, and

          (2)  in case such exercise is for less than all of the shares of
     Common Stock

                                      -4-
<PAGE>

     purchasable under this Warrant, a new Warrant or Warrants of like tenor,
     for the balance of the shares of Common Stock purchasable hereunder.

          (b)  Issuance of certificates for shares of Common Stock upon the
exercise of this Warrant shall be made without charge to the Holder hereof for
any issue tax or other incidental expense in respect of the issuance of such
certificates, all of which such taxes and expenses shall be paid by the Company.

          2.4. Company to Reaffirm Obligations.  The Company shall, at the time
               -------------------------------
of each exercise of this Warrant, upon the request of the Holder hereof,
acknowledge in writing its continuing obligation to afford to such Holder all
rights to which such Holder shall continue to be entitled after such exercise in
accordance with the terms of this Warrant, provided that if the Holder of this
                                           --------
Warrant shall fail to make any such request, such failure shall not affect the
continuing obligation of the Company to afford such rights to the Holder.

          3.   Adjustment of Common Stock Issuable Upon Exercise.
               -------------------------------------------------

          3.1. Adjustment of Number of Shares.
               ------------------------------

               Upon each adjustment of the Purchase Price as a result of the
calculations made in this Section 3, this Warrant shall thereafter evidence the
right to receive, at the adjusted Purchase Price, that number of shares of
Common Stock (calculated to the nearest one-hundredth) obtained by dividing (i)
the product of the aggregate number of shares covered by this Warrant
immediately prior to such adjustment and the Purchase Price in effect
immediately prior to such adjustment of the Purchase Price by (ii) the Purchase
Price in effect immediately after such adjustment of the Purchase Price.

          3.2. Treatment of Stock Dividends, Stock Splits, etc.  In case the
               ------------------------------------------------
Company at any time or from time to time after the date hereof shall declare any
dividend on the Common Stock payable in Common Stock, or shall effect a
subdivision of the outstanding shares of Common Stock into a greater number of
shares of Common Stock (by reclassification or otherwise than by payment of a
dividend in Common Stock), then, and in each such case, the Purchase Price in
effect immediately prior to the declaration of such dividend or to such
subdivision shall, concurrently with the effectiveness of such declaration or
subdivision, be proportionately decreased.

          3.3. Adjustments for Combinations, etc.  In case the outstanding
               ----------------------------------
shares of Common Stock shall be combined or consolidated, by reclassification or
otherwise, into a lesser number of shares of Common Stock, the Purchase Price in
effect immediately prior to such combination or consolidation shall,
concurrently with the effectiveness of such combination or consolidation, be
proportionately increased.

          3.4. De Minimis Adjustments.  If the amount of any adjustment of the
               ----------------------
Purchase Price per share required pursuant to this Section 3 would be less than
one tenth (1/10) of one percent (1%) of the Purchase Price, such amount shall be
carried forward and adjustment with respect thereto made at the time of and
together with any subsequent adjustment which, together with such amount

                                      -5-
<PAGE>

and any other amount or amounts so carried forward, shall aggregate a change in
the Purchase Price of at least one tenth (1/10) of one percent (1%) of such
Purchase Price. All calculations under this Warrant shall be made to the nearest
 .001 of a cent or to the nearest one-hundredth of a share, as the case may be.

          3.5. Abandoned Dividend or Distribution.  If the Company shall take a
               ----------------------------------
record of the holders of its Common Stock for the purpose of entitling them to
receive a dividend or other distribution (which results in an adjustment to the
Purchase Price under the terms of this Warrant) and shall, thereafter, and
before such dividend or distribution is paid or delivered to shareholders
entitled thereto, legally abandon its plan to pay or deliver such dividend or
distribution, then any adjustment made to the Purchase Price and number of
shares of Common Stock purchasable upon Warrant exercise by reason of the taking
of such record shall be reversed, and any subsequent adjustments, based thereon,
shall be recomputed.

          4.   Consolidation, Merger, etc.
               --------------------------

          4.1. Adjustments for Consolidation, Merger, Sale of Assets,
               -----------------------------------------------------
Reorganization, etc.  In case the Company after the date hereof (a) shall
-------------------
consolidate with or merge into any other Person and shall not be the continuing
or surviving corporation of such consolidation or merger, or (b) shall permit
any other Person to consolidate with or merge into the Company and the Company
shall be the continuing or surviving Person but, in connection with such
consolidation or merger, the Common Stock or Other Securities shall be changed
into or exchanged for stock or other securities of any other Person or cash or
any other property, or (c) shall transfer all or substantially all of its
properties or assets to any other Person, or (d) shall effect a capital
reorganization or reclassification of the Common Stock or Other Securities,
then, and in the case of each such transaction, proper provision shall be made
so that, upon the basis and the terms and in the manner provided in this
Warrant, the Holder of this Warrant, upon the exercise hereof at any time after
the consummation of such transaction, shall be entitled to receive (at the
aggregate Purchase Price in effect at the time of such consummation for all
Common Stock or Other Securities issuable upon such exercise immediately prior
to such consummation), in lieu of the Common Stock or Other Securities issuable
upon such exercise prior to such consummation, the highest amount of securities,
cash or other property to which such Holder would actually have been entitled as
a shareholder upon such consummation if such Holder had exercised this Warrant
immediately prior thereto, subject to adjustments (subsequent to such
consummation) as nearly equivalent as possible to the adjustments provided for
in Sections 3 and 4, provided that if a purchase, tender or exchange offer shall
                     --------
have been made to and accepted by the holders of more than 50% of the
outstanding shares of Common Stock, and if the Holder so designates in a notice
given to the Company on or before the date immediately preceding the date of the
consummation of such transaction, the Holder of such Warrants shall be entitled
to receive the highest amount of securities, cash or other property to which it
would actually have been entitled as a shareholder if the Holder of such
Warrants had exercised such Warrants prior to the expiration of such purchase,
tender or exchange offer and accepted such offer, subject to adjustments (from
and after the consummation of such purchase, tender or exchange offer) as nearly
equivalent as possible to the adjustments provided for in Sections 3 and 4.

                                      -6-
<PAGE>

          4.2. Assumption of Obligations.  Notwithstanding anything contained in
               -------------------------
the Warrants to the contrary, the Company shall not effect any of the
transactions described in clauses (a) through (d) of Section 4.1 unless, prior
to the consummation thereof, each Person (other than the Company) which may be
required to deliver any stock, securities, cash or property upon the exercise of
this Warrant as provided herein shall assume, by written instrument delivered
to, and reasonably satisfactory to, the Holder of this Warrant, (a) the
obligations of the Company under this Warrant (and if the Company shall survive
the consummation of such transaction, such assumption shall be in addition to,
and shall not release the Company from, any continuing obligations of the
Company under this Warrant), and (b) the obligation to deliver to the Holder
such shares of stock, securities, cash or property as, in accordance with the
foregoing provisions of this Section 4, the Holder may be entitled to receive.

          5.   No Dilution or Impairment.  The Company shall not, by amendment
               -------------------------
of its certificate of incorporation or through any consolidation, merger,
reorganization, transfer of the assets, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such
action as may be necessary or appropriate in order to protect the rights of the
Holder of this Warrant against dilution or other impairment. Without limiting
the generality of the foregoing, the Company (a) shall not permit the par value
of any shares of stock receivable upon the exercise of this Warrant to exceed
the amount payable therefor upon such exercise, (b) shall take all such action
as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of stock, and (c) shall not
take any action which results in any adjustment of the Purchase Price if the
total number of shares of Common Stock (or Other Securities) issuable after the
action upon the exercise of all of the Warrants would exceed the total number of
shares of Common Stock (or Other Securities) then authorized by the Company's
certificate of incorporation and available for the purpose of issue upon such
exercise.

          6.   Certificate as to Adjustments.  In each case of any adjustment or
               -----------------------------
readjustment in the shares of Common Stock (or Other Securities) issuable upon
the exercise of this Warrant, the Company at its expense shall promptly compute
such adjustment or readjustment in accordance with the terms of this Warrant and
prepare a certificate, signed by the Company's Chief Executive Officer or Chief
Financial Officer setting forth such adjustment or readjustment and showing in
reasonable detail the method of calculation thereof and the facts upon which
such adjustment or readjustment is based, including a statement of (a) the
consideration received or to be received by the Company for any Additional
Shares of Common Stock issued or sold or deemed to have been issued, (b) the
number of shares of Common Stock outstanding or deemed to be outstanding, and
(c) the Purchase Price in effect immediately prior to such issue or sale and as
adjusted and readjusted (if required by Section 3) on account thereof. The
Company shall forthwith mail a copy of each such certificate to each holder of a
Warrant and shall, upon the written request at any time of any holder of a
Warrant, furnish to such holder a like certificate setting forth the Purchase
Price at the time in effect and showing in reasonable detail how it was
calculated. The Company shall also keep copies of all such certificates at its
principal office and shall cause the same to be available for inspection at such
office

                                      -7-
<PAGE>

during normal business hours by any holder of a Warrant or any prospective
purchaser of a Warrant designated by the holder thereof. The Company shall, upon
the request in writing of the Holder (at the Company's expense) retain
independent public accountants of recognized national standing selected by the
Board of Directors of the Company to make any computation required in connection
with adjustments under this Warrant, and a certificate signed by such firm shall
be conclusive evidence of the correctness of such adjustment, which shall be
binding on the Holder and the Company.

          7.   Notices of Corporate Action.  In the event of:
               ---------------------------

          (a)  any capital reorganization of the Company, any reclassification
or recapitalization of the capital stock of the Company, any consolidation or
merger involving the Company and any other Person, any transaction or series of
transactions in which more than 50% of the voting securities of the Company are
transferred to another Person, or any transfer, sale or other disposition of all
or substantially all the assets of the Company to any other Person, or

          (b)  any voluntary or involuntary dissolution, liquidation or winding-
up of the Company, the Company shall mail to each holder of a Warrant a notice
specifying the date or expected date on which any such reorganization,
reclassification, recapitalization, consolidation, merger, transfer, sale,
disposition, dissolution, liquidation or winding-up is to take place and the
time, if any such time is to be fixed, as of which the holders of record of
Common Stock (or Other Securities) shall be entitled to exchange their shares of
Common Stock (or Other Securities) for the securities or other property
deliverable upon such reorganization, reclassification, recapitalization,
consolidation, merger, transfer, dissolution, liquidation or winding-up.  Such
notice shall be mailed at least 20 days prior to the date therein specified.

          8.   [RESERVED]

          9.1  Restrictive Legends.  Except as otherwise permitted by this
               -------------------
Section 9, each Warrant (including each Warrant issued upon the transfer of any
Warrant) shall be stamped or otherwise imprinted with a legend in substantially
the following form:

     "THIS WARRANT AND ANY SECURITIES ACQUIRED UPON THE EXERCISE OF THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAW OF ANY STATE, AND MAY NOT BE SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS
OR PURSUANT TO AN APPLICABLE EXEMPTION TO THE REGISTRATION REQUIREMENTS OF
SUCH ACT AND SUCH LAWS. THIS WARRANT AND SUCH SECURITIES MAY NOT BE SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE
CONDITIONS SPECIFIED IN THIS WARRANT AND IN THE WARRANT AGREEMENT, DATED
AS OF OCTOBER 28, 1999, BETWEEN THE COMPANY AND VECTOR CAPITAL II, L.P., A
COPY OF WHICH WILL BE MADE AVAILABLE BY THE ISSUER UPON REQUEST."

                                      -8-
<PAGE>

Except as otherwise permitted by this Section 9, each certificate for Common
Stock (or Other Securities) issued upon the exercise of any Warrant, and each
certificate issued upon the transfer of any such Common Stock (or Other
Securities), shall be stamped or otherwise imprinted with a legend in
substantially the following form:

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
     REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
     SECURITIES LAW OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED OR
     OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
     STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR
     PURSUANT TO AN APPLICABLE EXEMPTION TO THE REGISTRATION REQUIREMENTS
     OF SUCH ACT AND SUCH LAWS. SUCH SECURITIES MAY NOT BE SOLD,
     TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE
     CONDITIONS SPECIFIED IN SUCH WARRANT AND IN THE WARRANT AGREEMENT,
     DATED AS OF OCTOBER 28, 1999, BETWEEN THE COMPANY AND VECTOR CAPITAL
     II, L.P., A COPY OF WHICH WILL BE MADE AVAILABLE BY THE ISSUER UPON
     REQUEST."

          9.2. Transfer to Comply With the Securities Act.  Restricted
               ------------------------------------------
Securities may not be sold, assigned, pledged, hypothecated, encumbered or in
any manner transferred or disposed of, in whole or in part, except in compliance
with the provisions of the Securities Act and state securities or Blue Sky laws,
the Warrant Agreement and the terms and conditions hereof. The Company may
require a legal opinion, in form and substance reasonably satisfactory to the
Company, as to the availability of and compliance with such exemptions and the
state securities or blue sky laws.

          9.3. Termination of Restrictions.  The restrictions imposed by this
               ---------------------------
Section 9 on the transferability of Restricted Securities to comply with the
Securities Act and state securities or Blue Sky laws shall cease and terminate
as to any particular Restricted Securities (a) when a registration statement
with respect to the sale of such securities shall have been declared effective
under the Securities Act and such securities shall have been disposed of in
accordance with such registration statement, (b) when such securities are sold
pursuant to Rule 144 (or any similar provision then in force) under the
Securities Act, or (c) when, in the opinion of both counsel for the Holder and
counsel for the Company, such restrictions are no longer required or necessary
in order to protect the Company against a violation of the Securities Act upon
any sale or other disposition of such securities without registration
thereunder. Whenever such restrictions shall cease and terminate as to any
Restricted Securities, the Holder shall be entitled to receive from the Company,
without expense, new securities of like tenor not bearing the applicable legends
required by Section 9.1.

          10.  Reservation of Stock, etc.  The Company shall at all times
               -------------------------
reserve and keep available, solely for issuance and delivery upon exercise of
the Warrants, the number of shares of Common Stock (or Other Securities) from
time to time issuable upon exercise of all Warrants at the time outstanding. All
shares of Common Stock (or Other Securities) issuable upon exercise of any

                                      -9-
<PAGE>

Warrants shall be duly authorized and, when issued upon such exercise, shall be
validly issued and, in the case of shares, fully paid and nonassessable. All
Warrant Certificates surrendered upon the exercise of the rights thereby
evidenced shall be canceled, and such canceled Warrants shall constitute
sufficient evidence of the number of shares of stock which have been issued upon
the exercise of such Warrants. Subsequent to the Expiration Date, no shares of
stock need be reserved in respect of any unexercised Warrant.

          11.   Registration and Transfer of Warrants, etc.
                ------------------------------------------

          11.1. Warrant Register; Ownership of Warrants.  Each Warrant issued by
                ---------------------------------------
the Company shall be numbered and shall be registered in a warrant register (the
"Warrant Register") as it is issued and transferred, which Warrant Register
shall be maintained by the Company at its principal office or, at the Company's
election and expense, by a Warrant Agent or the Company's transfer agent. The
Company shall be entitled to treat the registered Holder of any Warrant on the
Warrant Register as the owner in fact thereof for all purposes and shall not be
bound to recognize any equitable or other claim to or interest in such Warrant
on the part of any other Person, and shall not be affected by any notice to the
contrary, except that, if and when any Warrant is properly assigned in blank,
the Company may (but shall not be obligated to) treat the bearer thereof as the
owner of such Warrant for all purposes. Subject to Section 9, a Warrant, if
properly assigned, may be exercised by a new holder without a new Warrant first
having been issued.

          11.2. Transfer of Warrants.  Subject to compliance with Section 9, if
                --------------------
applicable, this Warrant and all rights hereunder are transferable in whole or
in part, without charge to the Holder hereof, upon surrender of this Warrant
with a properly executed Form of Assignment attached hereto as Exhibit B at the
principal office of the Company. Upon any partial transfer, the Company shall at
its expense issue and deliver to the Holder a new Warrant of like tenor, in the
name of the Holder, which shall be exercisable for such number of shares of
Common Stock with respect to which rights under this Warrant were not so
transferred.

          11.3. Replacement of Warrants.  On receipt by the Company of evidence
                -----------------------
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of any such loss, theft or
destruction of this Warrant, on delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender of such Warrant to the Company at its principal office
and cancellation thereof, the Company at its expense shall execute and deliver,
in lieu thereof, a new Warrant of like tenor.

          11.4. Adjustments To Purchase Price and Number of Shares.
                --------------------------------------------------
Notwithstanding any adjustment in the Purchase Price or in the number or kind of
shares of Common Stock purchasable upon exercise of this Warrant, any Warrant
theretofore or thereafter issued may continue to express the same number and
kind of shares of Common Stock as are stated in this Warrant, as initially
issued.

          11.5. Fractional Shares.  Notwithstanding any adjustment pursuant to
                -----------------
Section 3 in the number of shares of Common Stock covered by this Warrant or any
other provision of this

                                      -10-
<PAGE>

Warrant, the Company shall not be required to issue fractions of shares upon
exercise of this Warrant or to distribute certificates which evidence fractional
shares. In lieu of fractional shares, the Company shall make payment to the
Holder, at the time of exercise of this Warrant as herein provided, in an amount
in cash equal to such fraction multiplied by the Current Market Price of a share
of Common Stock on the date of Warrant exercise.

          12.  Remedies; Specific Performance.  The Company stipulates that
               ------------------------------
there would be no adequate remedy at law to the Holder of this Warrant in the
event of any default or threatened default by the Company in the performance of
or compliance with any of the terms of this Warrant and accordingly, the Company
agrees that, in addition to any other remedy to which the Holder may be entitled
at law or in equity, the Holder shall be entitled to seek to compel specific
performance of the obligations of the Company under this Warrant, without the
posting of any bond, in accordance with the terms and conditions of this Warrant
in any federal court of the Southern District of New York or any state court
located in New York County, State of New York and in any court of the United
States or any State thereof having jurisdiction, and if any action should be
brought in equity to enforce any of the provisions of this Warrant, the Company
shall not raise the defense that there is an adequate remedy at law. Except as
otherwise provided by law, a delay or omission by the Holder hereto in
exercising any right or remedy accruing upon any such breach shall not impair
the right or remedy or constitute a waiver of or acquiescence in any such
breach. No remedy shall be exclusive of any other remedy. All available remedies
shall be cumulative.

          13.  No Rights or Liabilities as Shareholder.  Nothing contained in
               ---------------------------------------
this Warrant shall be construed as conferring upon the Holder hereof any rights
as a stockholder of the Company or as imposing any obligation on the Holder to
purchase any securities or as imposing any liabilities on the Holder as a
stockholder of the Company, whether such obligation or liabilities are asserted
by the Company or by creditors of the Company.

          14.  Notices.  All notices and other communications (and deliveries)
               -------
provided for or permitted hereunder shall be made in writing by hand delivery,
telecopier, any courier guaranteeing overnight delivery or first class
registered or certified mail, return receipt requested, postage prepaid,
addressed (a) if to the Company, to the attention of its Chief Executive Officer
at its principal office located at 420 Lexington Avenue, 26th floor, New York,
NY 10170 or such other address as may hereafter be designated in writing by the
Company to the Holder in accordance with the provisions of this Section, or (b)
if to the Holder, at its address as it appears in the Warrant Register.

          All such notices and communications (and deliveries) shall be deemed
to have been duly given:  at the time delivered by hand, if personally
delivered; when receipt is acknowledged, if telecopied; on the next Business
Day, if timely delivered to a courier guaranteeing overnight delivery; and five
days after being deposited in the mail, if sent first class or certified mail,
return receipt requested, postage prepaid; provided, that the exercise of any
                                           --------
Warrant shall be effective in the manner provided in Section 2.

                                      -11-
<PAGE>

          15.  Amendments.  This Warrant and any term hereof may not be amended,
               ----------
modified, supplemented or terminated, and waivers or consents to departures from
the provisions hereof may not be given, except by written instrument duly
executed by the party against which enforcement of such amendment, modification,
supplement, termination or consent to departure is sought.

          16.  Descriptive Headings, Etc.  The headings in this Warrant are for
               -------------------------
convenience of reference only and shall not limit or otherwise affect the
meaning of terms contained herein. Unless the context of this Warrant otherwise
requires: (1) words of any gender shall be deemed to include each other gender;
(2) words using the singular or plural number shall also include the plural or
singular number, respectively; (3) the words "hereof", "herein" and "hereunder"
and words of similar import when used in this Warrant shall refer to this
Warrant as a whole and not to any particular provision of this Warrant, and
Section and paragraph references are to the Sections and paragraphs of this
Warrant unless otherwise specified; (4) the word "including" and words of
similar import when used in this Warrant shall mean "including, without
limitation," unless otherwise specified; (5) "or" is not exclusive; and (6)
provisions apply to successive events and transactions.

          17.  Governing Law.  This Warrant shall be governed by, and construed
               -------------
in accordance with, the laws of the State of New York (without giving effect to
the conflict of laws principles thereof).

          18.  Judicial Proceedings.  Any legal action, suit or proceeding
               --------------------
brought against the Company with respect to this Warrant may be brought in any
federal court of the Southern District of New York or any state court located in
New York County, State of New York, and by execution and delivery of this
Warrant, the Company hereby irrevocably and unconditionally waives any claim (by
way of motion, as a defense or otherwise) of improper venue, that it is not
subject personally to the jurisdiction of such court, that such courts are an
inconvenient forum or that this Warrant or the subject matter may not be
enforced in or by such court. The Company hereby irrevocably and unconditionally
consents to the process of any of the aforementioned courts in any such action,
suit or proceeding by the mailing of copies thereof by registered or certified
mail, postage prepaid, at its address set forth or provided for in Section 14,
such service to become effective 10 days after such mailing. Nothing herein
contained shall be deemed to affect the right of any party to serve process in
any manner permitted by law or commence legal proceedings or otherwise proceed
against any other party in any other jurisdiction to enforce judgment obtained
in any action, suit or proceeding brought pursuant to this Section.

          19.  Waiver of Trial by Jury.  EACH OF THE COMPANY AND THE HOLDER
               -----------------------
WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
CONCERNING ANY RIGHTS UNDER THIS WARRANT OR UNDER ANY AMENDMENT, WAIVER,
CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE
FUTURE MAY BE DELIVERED IN CONNECTION WITH THIS WARRANT, AND AGREES THAT ANY
SUCH ACTION,

                                      -12-
<PAGE>

PROCEEDING OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

          20.  Registration Rights.  The Company agrees that all of the shares
               -------------------
of Common Stock issuable upon the exercise of the Warrants shall be subject to
the terms and conditions of, and shall be deemed to be "Conversion Stock" as
that term is defined in, that certain Second Amended and Restated Registration
Rights Agreement dated as of January 19, 2000 by and among the Company and each
of the persons listed on Schedule 1, Schedule 2 and Schedule 3 annexed thereto
                         ----------  ----------     ----------
(the "Registration Rights Agreement").  The Company further agrees that the
Warrant Agreement shall be the document annexed to the Registration Rights
Agreement as Schedule 5.

                              PHASE2MEDIA, INC. (f/k/a CKG Media.com, Inc.)


                                    By:  /s/ Richard Nachmias
                                       ------------------------------------
                                       Name:  Richard Nachmias
                                       Title: Chief Financial Officer

                                      -13-