Document:

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                                                                    EXHIBIT 10.1

                      FOURTH AMENDMENT TO CREDIT AGREEMENT
                           AND REAFFIRMATION AGREEMENT

          THIS FOURTH AMENDMENT TO CREDIT AGREEMENT AND REAFFIRMATION AGREEMENT
(this "Amendment") is entered into as of July 13, 2001, by and among Ziff Davis
Media Inc., a Delaware corporation (the "Borrower"), CIBC World Markets Corp.,
as lead arranger and bookrunner (the "Lead Arranger"), Bankers Trust Company, as
syndication agent (the "Syndication Agent"), Fleet National Bank, as
documentation agent (the "Documentation Agent"), Canadian Imperial Bank of
Commerce, as administrative agent (the "Administrative Agent") and the other
Credit Parties signatory hereto (the "Credit Parties").

                              W I T N E S S E T H:
                              - - - - - - - - - -

          WHEREAS, the Borrower, the Lead Arranger, the Syndication Agent, the
Documentation Agent, the Administrative Agent and the Credit Parties are parties
to that certain Credit Agreement dated as of April 5, 2000, as amended by that
certain First Amendment to Credit Agreement dated as of June 12, 2000, as
amended by that certain Second Amendment to Credit Agreement dated as of July
19, 2000, as amended by that certain Third Amendment to Credit Agreement dated
as of January 22, 2001 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the "Credit Agreement"); and

          WHEREAS, the Borrower has requested, and the Lead Arranger, the
Syndication Agent, the Documentation Agent, the Administrative Agent and the
Credit Parties have agreed, (a) to waive certain Defaults and Events of Default
and (b) to amend the Credit Agreement, in each case, to the extent set forth
herein;

          NOW THEREFORE, in consideration of the premises set forth above, the
terms and conditions contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree that all capitalized terms used herein shall have the meanings ascribed
thereto in the Credit Agreement, as amended hereby, except as otherwise defined
or limited herein, and further agree, subject to the conditions precedent to
this Amendment hereinafter set forth, as follows:

          1.   Amendments to Article 1.
               -----------------------

          (a)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by adding the following new definitions in appropriate
alphabetical order:

          "'Amendment Period' shall mean the period from and including June 30,
            ----------------
2001 through and including September 30, 2002.

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         "'*Joint Venture' shall mean any directly-owned joint venture
            -------------
     Subsidiary formed by the Borrower or any of its Subsidiaries with respect
     to one or more of the *Publications and of which a portion of the Equity
     Interests therein are owned by one or more Persons other than the Borrower,
     any of its Subsidiaries or any member of management.

          "'*Publications' shall mean, collectively*.
             -------------

          "'eTesting Labs' shall mean eTesting Labs, Inc., Inc., a Delaware
            -------------
     corporation.

          "'Expedia Travels Joint Venture' shall mean any directly-owned joint
            -----------------------------
     venture Subsidiary formed by LaunchCo or any of its Subsidiaries with
     respect to the assets and liabilities of LaunchCo relating to the Expedia
     Travels publication and of which a portion of the Equity Interests therein
     are owned by one or more Persons other than the Borrower, any of its
     Subsidiaries or any member of management.

         "'Fourth Amendment Date' shall mean July 13, 2001.
           ---------------------

         "InternetCo Release Date' shall have the meaning set forth in Section
          -----------------------
     5.16 hereof.

         "'Joint Venture Subsidiaries' shall mean, collectively, the *Joint
            -------------------------
     Ventures, the Permitted InternetCo Joint Ventures and the LaunchCo Joint
     Ventures.

          "'Permitted InternetCo Joint Ventures' shall have the meaning set
            -----------------------------------
     forth in Section 5.16 hereof.

          "'Specified Dispositions' shall have the meaning set forth in the
            ----------------------
     definition of `Permitted Dispositions.'

          "'Specified Equity Contributions' shall mean, with respect to any
            ------------------------------
     Investment, Restricted Payment or Acquisition, the sum of any cash amounts
     invested (a) in Holdco and contributed to the Borrower or (b) in any Joint
     Venture Subsidiary by any Person other than the Borrower or any of its
     Subsidiaries, in either case in the form of an equity contribution or
     issuance, for the sole purpose of financing such Investment, Restricted
     Payment or Acquisition and to the extent not used for any other purpose."

          (b)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the definition of "Available Revolving
Commitment" in its entirety and by substituting the following in lieu thereof:

          "'Available Revolving Commitment' shall mean, on any calculation date,
            ------------------------------
          the excess of (a) (i) during the Amendment Period, (x) if the Borrower
          shall have

______________
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       2

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     maintained a Total Leverage Ratio less than or equal to * to 1.00 for each
     month during the two (2) consecutive fiscal quarters immediately preceding
     such date, the Revolving Commitment on such date, and (y) if the Borrower
     shall not have maintained a Total Leverage Ratio less than or equal to
     * to 1.00 for each month during the two (2) consecutive fiscal quarters
     immediately preceding such date, $10,000,000, and (ii) after expiration of
     the Amendment Period, the Revolving Commitment on such date, over (b) the
     sum (without duplication) of (i) the aggregate principal amount of the
     Revolving Loans then outstanding, (ii) the stated amount of Letters of
     Credit then outstanding, and (iii) obligations under Letters of Credit
     which the Borrower has not reimbursed."

          (c)   Article 1 of the Credit Agreement, Definitions, is hereby
                                                   -----------
modified and amended by deleting the existing definition of "Borrower Parties"
in its entirety and by substituting the following in lieu thereof:

          "'Borrower Parties' shall mean, collectively, Holdco, Intermediate
            ----------------

     Holdco, any Permitted Intermediate Holdco Subsidiary, the Borrower, the
     Guarantors and the Foreign Subsidiaries (other than, after the InternetCo
     Release Date, any foreign members of the InternetCo Group)."

          (d)   Article 1 of the Credit Agreement, Definitions, is hereby
                                                   -----------
modified and amended by deleting the reference to "sixty-five percent (65%)" in
the definition of "Borrower Pledge Agreement" and by substituting "sixty-six
percent (66%)" in lieu thereof.

          (e)   Article 1 of the Credit Agreement, Definitions, is hereby
                                                   -----------
modified and amended by deleting clauses (i) and (l) from the definition of
"Change of Control" in their entirety and by substituting the following,
respectively, in lieu thereof:

         "(i) other than in connection with any Specified Disposition or any
     other disposition of 100% of the Equity Interests of any Subsidiary of the
     Borrower permitted under Section 7.5 hereof, the failure of the Borrower to
     own and control, directly or indirectly, free of any Lien or encumbrance,
     other than Liens in favor of the Administrative Agent and Permitted Liens
     of the type described in clauses (b) and (k) of the definition of
     `Permitted Liens', (i) one hundred percent (100%) of the issued and
     outstanding Equity Interests of each of its Subsidiaries (other than the
     members of the InternetCo Group, the members of the LaunchCo Group, PubCo
     and the *Joint Ventures), (ii) (x) during the Amendment Period and prior to
     the InternetCo Release Date, at least eighty percent (80%) of the issued
     and outstanding Equity Interests of each member of the InternetCo Group
     (other than any Permitted InternetCo Joint Venture), provided that the
     remaining Equity Interests of each member of the InternetCo Group (other
     than any Permitted InternetCo Joint Venture) not owned, directly or
     indirectly, by the Borrower are Management Shares, (y) after the Amendment
     Period and prior to the InternetCo Release Date, directly or indirectly, at
     least fifty and one-tenth percent (50.1%) of InternetCo, and (z) after the
     InternetCo Release Date, directly or

______________
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       3

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          indirectly, (I) at least forty percent (40%) and (II) together with
          Management Shares, at least fifty percent (50%), of the issued and
          outstanding Equity Interests of InternetCo, and (iii) at least ninety
          percent (90%) of the issued and outstanding Equity Interests in
          LaunchCo, provided that the remaining Equity Interests of LaunchCo not
          owned by the Borrower are Management Shares; or"

               "(l) other than in connection with any Specified Disposition or
          any other disposition of 100% of the Equity Interests of any
          Subsidiary of the Borrower permitted under Section 7.5 hereof, (i) the
          failure of LaunchCo to own and control, free and clear of any Lien or
          encumbrance, other than Liens in favor of the Administrative Agent and
          Permitted Liens of the type described in clauses (b) and (k) of the
          definition of `Permitted Liens', (x) at least ninety percent (90%) of
          the issued and outstanding Equity Interests of Subsidiaries of
          LaunchCo (except the Expedia Travels Joint Venture and, after
          expiration of the Amendment Period, the LaunchCo Joint Ventures), or
          (y) at least seventy-five percent (75%) of the issued and outstanding
          Equity Interests of LaunchCo Joint Ventures, provided that, in each
          case, if any of the Equity Interests not owned by LaunchCo are owned
          by members of management of LaunchCo or members of management of
          LaunchCo Joint Venture, such Equity Interests shall comply with the
          requirements for Management Shares, or (ii) during the Amendment
          Period, the failure by InternetCo to own and control, free and clear
          of any Lien or encumbrance, other than Liens in favor of the
          Administrative Agent and Permitted Liens of the type described in
          clauses (b) and (k) of the definition of `Permitted Liens', directly
          or indirectly, (I) at least forty percent (40%) and (II) together with
          Management Shares, at least fifty percent (50%), of the issued and
          outstanding Equity Interests of each Permitted InternetCo Joint
          Venture."

          (f)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "Collateral" in its
entirety and by substituting the following in lieu thereof:

         "'Collateral' shall mean all property pledged as collateral security
           ----------
     for the Obligations pursuant to the Security Documents or otherwise, to the
     extent set forth in the Security Documents, and all other property of
     Holdco, Intermediate Holdco, the Borrower or any of its Subsidiaries that
     is now or hereafter in the possession or control of any Credit Party in
     which any Credit Party has been granted a Lien."

          (g) Article 1 of the Credit Agreement, Definitions, is hereby
                                                 -----------
     modified and amended by deleting the existing definition of "EBITDA" in its
     entirety and by substituting the following in lieu thereof:

                                       4

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         "'EBITDA' shall mean, for any period of determination, for the Borrower
           ------
     and its Restricted Subsidiaries on a consolidated basis, an amount equal to
     the sum of (without duplication) (a) Net Income for such period, plus (b)
     to the extent deducted in determining Net Income, the sum of each of the
     following for such period: (i) Interest Expense, (ii) income, franchise and
     withholding tax expense, (iii) depreciation and amortization, (iv)
     extraordinary, unusual or non-recurring expenses, charges or losses (less
     extraordinary, unusual or non-recurring gains), (v) any other non-cash
     charges, (vi) non-recurring transaction expenses and fees (including,
     without limitation, underwriters' fees), and (vii) the Specified Add-Backs;
     provided, however, for purposes of determining the Senior Leverage Ratio
     --------  -------
     and the Total Leverage Ratio (including, without limitation, under Section
     2.3 and Section 2.4 hereof) and for purposes of determining compliance with
     the limitations set forth in clause (e) of the definition of `Permitted
     Dispositions', (A) with respect to any person that became a Restricted
     Subsidiary of, or was merged with or consolidated into, the Borrower during
     such period, or the Acquisition by the Borrower or any of its Restricted
     Subsidiaries of a substantial part of the assets of any Person during such
     period, `EBITDA' shall also include the EBITDA of such Person or
     attributable to such assets, as applicable, during such period as if such
     Acquisition, merger or consolidation had occurred on the first day of such
     period, and (B) with respect to any Person that ceased to be a Restricted
     Subsidiary of the Borrower during such period, or any material assets of
     the Borrower or any of its Restricted Subsidiaries sold or otherwise
     disposed of by the Borrower or any such Restricted Subsidiary during such
     period, `EBITDA' shall exclude the EBITDA of such Person or attributable to
     such assets, as applicable, during such period as if such sale or
     disposition of such Restricted Subsidiary or such assets had occurred on
     the first day of such period; provided further, however, that 'EBITDA'
                                   -------- -------  -------
     shall be calculated with respect to months or quarters, as applicable,
     ending after April 1, 2001, without giving effect to the interests of the
     Borrower or any Restricted Subsidiary in MacWorld or in any Joint Venture
     Subsidiary except to the extent of the greater of (x) (A) the amount of
     cash received by the Borrower or any of its Restricted Subsidiaries from
     MacWorld or such Joint Venture Subsidiary, as applicable, during such
     period, less (B) the aggregate amount of any Investments (other than
     Investments funded by Specified Equity Contributions) in MacWorld or such
     Joint Venture Subsidiary, as applicable, made by the Borrower or any of its
     Restricted Subsidiaries during such period or (y) zero (0)."

          (h)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting clause (e) from the definition of "Fixed
Charges" and by substituting the following in lieu thereof:

         "(e)  Investments in or loans to LaunchCo and InternetCo (other than
     any such Investments or loans funded by Specified Equity Contributions or
     by the Net Proceeds of the Specified Dispositions);"

                                       5

<PAGE>

          (i)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------

modified and amended by deleting clause (b) from the definition of "Funded Debt"
and by substituting the following in lieu thereof:

         "(b) the principal amount of all Indebtedness for money borrowed of
     another Person (other than, with respect to the Borrower, a Restricted
     Subsidiary) Guaranteed by such Person;"

          (j)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
     modified and amended by deleting the existing definition of "Guarantors" in
     its entirety and by substituting the following in lieu thereof:

          "'Guarantors' shall mean, collectively, each domestic Restricted
            ----------
     Subsidiary of the Borrower, each domestic member of the LaunchCo Group and,
     prior to the InternetCo Release Date, each domestic member of the
     InternetCo Group, in each case that guaranties payment of the Obligations
     hereunder and under the other Loan Documents."

          (k)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------

modified and amended by adding the following proviso at the end of the
definition of "Interest Expense":

          "; provided, however, solely for purposes of calculating the amount of
             --------  -------
     Fixed Charges and determining the amount of Interest Expense set forth in
     clause (b) of the definition of `Interest Coverage Ratio', `Interest
     Expense' shall exclude the amount of any Restricted Payment due on or after
     July 16, 2001, with respect to the Permitted High-Yield Securities or the
     Refinancing Securities, but only to the extent that such Restricted Payment
     has been pre-funded with Specified Equity Contributions."

          (l)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by adding "(other than the Expedia Travels Joint Venture)"
at the end of the definition of "LaunchCo Group".

          (m)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "LaunchCo Joint
Ventures" in its entirety and by substituting the following in lieu thereof:

         "'LaunchCo Joint Ventures' shall mean any directly-owned joint venture
           -----------------------
     Subsidiary formed by LaunchCo (other than the Expedia Travels Joint
     Venture) with respect to which a portion of the Equity Interests therein
     are owned by one or more Persons other than the Borrower, any of the
     Restricted Subsidiaries, any wholly-owned member of the LaunchCo Group, any
     wholly-owned member of the InternetCo Group or any member of management."

          (n)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by adding the following proviso at the end of the
definition of "MacWorld":

                                       6

<PAGE>

         "; provided, however, that notwithstanding anything to the contrary
            --------  -------

     contained in this Agreement, in the event that PubCo shall sell or
     otherwise dispose of the Equity Interest owned by it in MacWorld, all
     references to 'MacWorld' in this Agreement shall no longer have any force
     or effect"

          (o)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "Management
Redemption Debt" in its entirety and by substituting the following in lieu
thereof:

         "'Management Redemption Debt' shall mean any Indebtedness issued by
           --------------------------
     Holdco or any of its Subsidiaries in favor of any officers, directors or
     employees of the Borrower or any of its Subsidiaries in connection with the
     purchase or redemption of Management Shares from such Person."

          (p)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "Management Shares"
in its entirety and by substituting the following in lieu thereof:

         "'Management Shares' shall mean the Equity Interests, if any, of PubCo,
           -----------------
     any member of the LaunchCo Group or any member of the InternetCo Group
     issued by such Person to its employees; provided that such Equity Interests
                                             --------
     shall be issued pursuant to an agreement, in form and substance
     satisfactory to the Agents (it being understood that any such agreement
     shall include a grant by the recipients of such Equity Interests to the
     other holders of the Equity Interests of such issuer and to the
     Administrative Agent, on behalf of the Credit Parties, to require that in
     the event of the sale of all or substantially all of the Equity Interests
     of such issuer to a third party, such employee shall be required to sell
     such Equity Interests to such third party)."

          (q)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "Permitted
Dispositions" in its entirety and by substituting the following in lieu thereof:

         "'Permitted Dispositions' shall mean the sale, lease, abandonment,
           ----------------------
     transfer, trade or other disposition of, in a single transaction or in a
     series of related transactions, any Assets, in each case at not less than
     the fair market value thereof and subject to the following conditions: (a)
     the Borrower shall provide to the Administrative Agent and the Lenders a
     Performance Certificate setting forth the arithmetical calculations
     required to establish the Borrower's pro forma compliance with Sections 8.1
     and 8.2 of this Agreement; (b) with respect to any disposition having a
     Purchase Price (with respect to a single transaction or a series of related
     transactions) in excess of $10,000,000, the Borrower shall provide to the
     Administrative Agent and the Lenders (i) revised Projections assuming
     consummation of such disposition and demonstrating pro forma compliance
     with the terms of this Agreement through, in the case of dispositions (x)
     during the Amendment Period, the expiration of the Amendment Period, and
     (y) after expiration of the Amendment Period, the Final Maturity Date, and
     (ii) evidence satisfactory to the Agents and their

                                       7

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     counsel that the board of directors of the applicable Borrower Party shall
     have certified in good faith as to the fair market value determination of
     the Purchase Price with respect to such disposition; (c) at least
     seventy-five percent (75%) of the Purchase Price with respect to such
     disposition shall be in the form of cash; (d) the aggregate Purchase Price
     for Assets (other than the International Publications) disposed of by the
     Borrower and its Restricted Subsidiaries, (i) with respect to a single
     transaction or a series of related transactions, shall not exceed
     $20,000,000, and (ii) during the period from the Agreement Date through the
     Final Maturity Date, shall not exceed $50,000,000, and (e) during the
     Amendment Period, each of the Lenders shall have consented to such
     disposition except to the extent that the assets subject to such
     disposition, together with the assets subject to all other Permitted
     Dispositions (other than the Specified Dispositions (as defined below))
     consummated since the Fourth Amendment Date, shall not exceed fifteen
     percent (15%) of EBITDA for the twelve (12) month period most recently
     ended for which financial statements are required to have been provided
     pursuant to Section 6.1 hereof; provided, however, that *(II) the
                                     --------  -------
     disposition by PubCo of its Equity Interests in MacWorld, *(IV) the
     disposition of the stream of royalty payments (other than the $3,000,000
     payment due in August, 2001) owing to the Borrower in connection with the
     sale of the International Publications for a cash Purchase Price of at
     least $7,000,000 ((I), (II), (III) and (IV) being herein referred to
     collectively as the 'Specified Dispositions'), (V) after expiration of the
                          ----------------------
     Amendment Period and prior to the InternetCo Release Date, the disposition
     by the Borrower of up to 49.9% of the issued and outstanding Equity
     Interests in InternetCo, (VI) subject to the restrictions on Change of
     Control contained in this Agreement, the disposition by any member of the
     InternetCo Group of the Equity Interests in any Permitted InternetCo Joint
     Venture, and (VII) subject to the restrictions on Change of Control
     contained in this Agreement, (A) during the Amendment Period and prior to
     the InternetCo Release Date, the disposition of up to twenty percent (20%)
     of the issued and outstanding Equity Interests of each member of the
     InternetCo Group (other than the Permitted InternetCo Joint Ventures), (B)
     after the InternetCo Release Date, (x) the disposition by the Borrower of
     up to sixty percent (60%) of the issued and outstanding Equity Interests in
     InternetCo and (y) the disposition of assets and liabilities of InternetCo,
     and (C) after the earlier of the expiration of the Amendment Period and the
     InternetCo Release Date, (x) the disposition by any member of the
     InternetCo Group of the Equity Interests of any of its Subsidiaries (other
     than any Permitted InternetCo Joint Ventures) and (y) the disposition of
     assets and liabilities by any Subsidiaries of InternetCo."

          (r)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting clauses (i) and (s) from the definition of
"Permitted Liens" and by substituting the following, respectively, in lieu
thereof:

______________
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       8

<PAGE>

         "(i) after expiration of the Amendment Period, Liens granted to secure
     Indebtedness of any member of the InternetCo Group or any member of the
     LaunchCo Group permitted to be incurred under Section 7.1(h) and 7.1(i),
     respectively;"

          "(s) after expiration of the Amendment Period, Liens on the Equity
     Interests of InternetCo's Subsidiaries to secure Indebtedness permitted
     under Section 7.1(h) hereof;"

          (s)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
     modified and amended by deleting clause (a) from the definition of
     "Restricted Payment" and by substituting the following in lieu thereof:

         "(a) any direct or indirect distribution, dividend, redemption or other
     payment to any Person on account of any Equity Interests, or other
     securities of or equity interests, in Holdco, Intermediate Holdco, the
     Borrower or any of the Borrower's Subsidiaries;"

          (t)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "Restricted
Purchase" and by substituting the following in lieu thereof:

         "'Restricted Purchase' shall mean any payment on account of the
           -------------------
     purchase, redemption or other acquisition or retirement of any Equity
     Interests, or other securities of or equity interests, in Holdco,
     Intermediate Holdco, the Borrower or any of the Borrower's Subsidiaries,
     including, without limitation, any warrants or other rights or options to
     acquire Equity Interests of Holdco, Intermediate Holdco, the Borrower or
     any of the Borrower's Subsidiaries."

          (u)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "Restricted
Subsidiaries" and by substituting the following in lieu thereof:

         "'Restricted Subsidiaries' shall mean all Subsidiaries of the Borrower
           -----------------------
     other than the Unrestricted Subsidiaries and *Joint Ventures, if any."

          (v)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
 modified and amended by deleting the reference to "$50,000,000" in the
definition of "Revolving Commitment" and by substituting "$30,000,000" in lieu
thereof.

          (w)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "Senior Leverage
Ratio" and by substituting the following in lieu thereof:

______________
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       9

<PAGE>

         "'Senior Leverage Ratio' shall mean, on any calculation date, the ratio
           ---------------------
     of (a) Senior Debt, to (b) (i) on and after the Fourth Amendment Date
     through December 31, 2002, EBITDA for the immediately preceding twelve (12)
     month period, and (ii) thereafter, EBITDA for the immediately preceding
     four (4) fiscal quarter period."

          (x)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "Subsidiary
Guaranty" and by substituting the following in lieu thereof:

         "'Subsidiary Guaranty' shall mean that certain Amended and Restated
           -------------------
     Subsidiary Guaranty Agreement issued by each Subsidiary of the Borrower
     (other than (a) any of the Foreign Subsidiaries, (b) after the InternetCo
     Release Date, any members of the InternetCo Group and (c) with respect to
     any of the Joint Venture Subsidiaries, only to the extent required
     hereunder) in favor of the Administrative Agent, for the benefit of the
     Credit Parties, dated as of the Fourth Amendment Date, in substantially the
     form of Exhibit M attached hereto, and any similar guaranty or any guaranty
             ---------
     supplement delivered pursuant to Section 5.15 hereof."

          (y)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "Subsidiary Pledge
Agreement" and by substituting the following in lieu thereof:

         "'Subsidiary Pledge Agreement' shall mean that certain Amended and
           ---------------------------
     Restated Subsidiary Pledge Agreement between each Subsidiary of the
     Borrower (other than (a) any of the Foreign Subsidiaries, (b) after the
     InternetCo Release Date, any members of the InternetCo Group and (c) with
     respect to any of the Joint Venture Subsidiaries, only to the extent
     required hereunder) having one or more of its own Subsidiaries and the
     Administrative Agent, for the benefit of the Credit Parties, dated as of
     the Fourth Amendment Date, in substantially the form of Exhibit N attached
                                                             ---------
     hereto, and any similar pledge agreement or any pledge agreement supplement
     delivered pursuant to Section 5.15 hereof."

          (z)  Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "Subsidiary Security
Agreement" and by substituting the following in lieu thereof:

         "'Subsidiary Security Agreement' shall mean that certain Amended and
           -----------------------------
     Restated Subsidiary Security Agreement between each of the Borrower's
     Subsidiaries (other than (a) any of the Foreign Subsidiaries, (b) after the
     InternetCo Release Date, any members of the InternetCo Group and (c) with
     respect to any of the Joint Venture Subsidiaries, only to the extent
     required hereunder) and the Administrative Agent, for the benefit of the
     Credit Parties, dated as of the Fourth Amendment Date, in substantially the
     form of Exhibit O attached hereto, and any similar security agreement or
             ---------
     any security agreement supplement delivered pursuant to Section 5.15
     hereof."

                                       10

<PAGE>

               (aa) Article 1 of the Credit Agreement, Definitions, is hereby
                                                       -----------
modified and amended by deleting the reference to "$100,000,000" in the
definition of "Term A Commitment" and by substituting "$46,938,571.70" in lieu
thereof.

               (bb) Article 1 of the Credit Agreement, Definitions, is hereby
                                                       -----------
modified and amended by deleting the reference to "$255,000,000" in the
definition of "Term B Commitment" and by substituting "$125,363,043.16" in lieu
thereof.

               (cc) Article 1 of the Credit Agreement, Definitions, is hereby
                                                       -----------
modified and amended by deleting the existing definition of "Total Leverage
Ratio" and by substituting the following in lieu thereof:

               "'Total Leverage Ratio' shall mean, on any calculation date, the
                 --------------------
          ratio of (a) Borrower Debt, to (b) (i) on and after the Fourth
          Amendment Date through December 31, 2002, EBITDA for the immediately
          preceding twelve (12) month period, and (ii) thereafter, EBITDA for
          the immediately preceding four (4) fiscal quarter period."

          (dd) Article 1 of the Credit Agreement, Definitions, is hereby
                                                  -----------
modified and amended by deleting the existing definition of "ZD Labs" in its
entirety and all references in the Credit Agreement to "ZD Labs" shall hereafter
be deemed to be references to "eTesting Labs".

          2.   Amendments to Section 2.1.
               -------------------------

               (a) Section 2.1 of the Credit Agreement, The Loans, is hereby
                                                        ---------
modified and amended by deleting the reference to "$405,000,000" in the
introductory paragraph and by substituting "$202,301,614.86" in lieu thereof.

               (b) Section 2.1 of the Credit Agreement, The Loans, is hereby
                                                        ---------
modified and amended by adding the following proviso to the end of the last
sentence of clause (a) thereof:

          "; provided, however, with respect to each year during the Amendment
             --------- -------
          Period, the Borrower shall not be permitted to borrow any additional
          Advances under the Revolving Commitment for the fifteen (15) day
          period from and including March 31st through April 14th"

          3.   Amendments to Section 2.3.
               -------------------------

               (a) Section 2.3 of the Credit Agreement, Interest and
                                                        ------------
Determination of Dollar Equivalent Amount, is hereby modified and amended by
adding the following proviso to the end of the first sentence of clause (a)
thereof:

          "; provided, however, during the Amendment Period, interest on each
             --------  -------
          Base Rate Advance shall be payable monthly in arrears, commencing on
          July 31, 2001"

                                       11

<PAGE>

          (b)  Section 2.3 of the Credit Agreement, Interest and Determination
                                                    --------------------------
of Dollar Equivalent Amount, is hereby modified and amended by adding the
----------------------------
following proviso to the end of the first sentence of clause (b) thereof:

          "; provided, however, during the Amendment Period, interest on each
             --------  -------
     Eurodollar Advance shall be payable monthly in arrears, commencing on July
     31, 2001"

          (c)  Section 2.3 of the Credit Agreement, Interest and Determination
                                                    --------------------------
of Dollar Equivalent Amount, is hereby modified and amended by adding the
----------------------------
following sentence at the end of clause (d) thereof:

          "Notwithstanding anything to the contrary contained herein, during the
          Amendment Period, immediately upon the occurrence of a Default with
          respect to either Section 8.1 or Section 8.2 hereof and regardless of
          whether such Default shall constitute an Event of Default under
          Section 9.1(c) hereof, interest on the Obligations shall accrue at the
          Default Rate from the date of such Default until the earliest to occur
          of (I) the date of any of the events described in clauses (A) or (B)
          of the immediately preceding sentence or (II) the date of compliance
          with both Section 8.1 and Section 8.2 hereof."

          (d)  Section 2.3 of the Credit Agreement, Interest and Determination
                                                    ---------------------------
of Dollar Equivalent Amount, is hereby modified and amended by adding the
---------------------------
following sentence at the end of clause (f)(i) thereof:

          "Notwithstanding anything to the contrary contained in the foregoing,
          during the Amendment Period, with respect to any Advance under the
          Revolving Commitment, or any Advance of the Term A Loans, the
          Applicable Margin shall be (A) 3.750% per annum with respect to any
          Eurodollar Advance and (B) 2.500% per annum with respect to any Base
          Rate Advance."

          (e)  Section 2.3 of the Credit Agreement, Interest and Determination
                                                    --------------------------
of Dollar Equivalent Amount, is hereby modified and amended by adding the
---------------------------
following sentence at the end of clause (f)(ii) thereof:

          "Notwithstanding anything to the contrary contained in the foregoing,
          during the Amendment Period, with respect to any Advance of the Term B
          Loans, the Applicable Margin shall be (A) 4.250% per annum with
          respect to any Eurodollar Advance and (B) 3.000% per annum with
          respect to any Base Rate Advance."

          4.   Amendments to Section 2.7.
               -------------------------

          (a)  Section 2.7 of the Credit Agreement, Mandatory Repayments, is
                                                    --------------------
hereby modified and amended by adding "After expiration of the Amendment
Period," at the beginning of each of clauses (i), (ii), (iii), (iv) and (v) of
clause (b) thereof.

                                       12

<PAGE>

          (b)    Section 2.7 of the Credit Agreement, Mandatory Repayments, is
                                                      --------------------
hereby further modified and amended by adding the following new clause (viii) at
the end of clause (b) thereof:

         "(viii) Notwithstanding anything to the contrary contained in this
     Section 2.7(b), during the Amendment Period, one hundred percent (100%) of
     any Net Proceeds from the sale or other disposition of Assets (including,
     without limitation, any Equity Interests in MacWorld or LaunchCo, but not
     including (A) the issuance of Equity Interests in InternetCo or any of its
     Subsidiaries, (B) the sale by the Borrower or any of its Subsidiaries of
     Equity Interests in InternetCo or any of its Subsidiaries to the extent
     that the Borrower shall have certified to the Agents that the Net Proceeds
     received by the Borrower or any of its Subsidiaries in connection therewith
     shall have simultaneously been re-invested in InternetCo or such Subsidiary
     of InternetCo, as applicable, (C) the sale of obsolete equipment and
     inventory, (D) the sale, transfer or other disposition of fixed Assets that
     are replaced by property of substantially equivalent value in the ordinary
     course of business, (E) the sale or lease of databases, software,
     subscriber lists or office or laboratory space, or the licensing of
     intellectual property, in each case in the ordinary course of business, (F)
     the sale of Cash Equivalents, or (G) the sale or discount of accounts
     receivable in connection with compromise or collection (but not in
     connection with accounts receivable securitizations or similar
     transactions)) received by the Borrower, InternetCo, LaunchCo or any of
     their respective Subsidiaries, or distributed by MacWorld to the Borrower,
     InternetCo, LaunchCo or any of their respective Subsidiaries, shall, in the
     case of InternetCo, LaunchCo or any applicable Subsidiaries of the
     Borrower, be promptly distributed on a pro rata basis to all of such
     Person's equity holders and upon the Borrower receipt of its pro rata
     share, shall be applied to permanently reduce the Loans pursuant to Section
     2.7(e) hereof; provided, however, that to the extent InternetCo shall
                    --------  -------
     distribute to the Borrower any Net Proceeds received by it in connection
     with the issuance of Equity Interests in InternetCo or any of its
     Subsidiaries, such Net Proceeds shall be applied to permanently reduce the
     Loans pursuant to Section 2.7(e) hereof; provided, further however, that
                                              --------  ------- -------
     during the Amendment Period, Net Proceeds received in connection with the
     Specified Dispositions in an aggregate amount not to exceed $50,000,000 may
     be re-invested in the Borrower, InternetCo, LaunchCo or any of their
     respective Subsidiaries (but not in MacWorld) to the extent permitted under
     Section 7.2 hereof and in the manner set forth in clause (vi) above."

          (c)    Section 2.7 of the Credit Agreement, Mandatory Repayments, is
                                                      --------------------
hereby modified and amended by deleting clause (f) in its entirety and by
substituting the following in lieu thereof:

          "(f)   Revolving Loans. The Borrower shall make a prepayment of the
                 ---------------
     Revolving Loans (without any corresponding permanent reduction in the
     Revolving Commitment) (i) in an amount equal to the excess, if any, of the
     aggregate principal amount of the Revolving Loans over the Available
     Revolving Commitment and (ii)

                                       13

<PAGE>

          on each March 31st during the Amendment Period, in an amount
          sufficient to reduce the aggregate outstanding principal amount of the
          Revolving Loans to zero (0)."

          5.   Amendments to Section 5.15.
               --------------------------

          (a)  Section 5.15 of the Credit Agreement, Covenants Regarding
                                                     -------------------
Formation of Subsidiaries, the Making of Acquisitions and Investments, is hereby
---------------------------------------------------------------------
modified and amended by deleting first two sentence thereof in their entirety
and substituting the following therefor:

         "At the time of any Acquisition by any of the Borrower Parties, or the
     formation of any new Subsidiary of any of the Borrower Parties, the
     Borrower will, and will cause each of the other Borrower Parties, as
     applicable and subject to Section 5.16 hereof, to (a) (other than in the
     case of the Foreign Subsidiaries and the Joint Venture Subsidiaries)
     provide to the Administrative Agent a duly executed supplement to the
     Subsidiary Security Agreement for any new Subsidiary, together with
     appropriate UCC_1 financing statements (provided that, with respect to the
     LaunchCo Joint Ventures, the Borrower shall use commercially reasonable
     efforts to obtain a supplement to the Subsidiary Security Agreement), (b)
     (other than in the case of the Foreign Subsidiaries and the Joint Venture
     Subsidiaries), provide to the Administrative Agent a duly executed
     supplement to the Subsidiary Guaranty and a loan certificate for any such
     new Subsidiary, substantially in the form of Exhibit T attached hereto,
     together with appropriate attachments thereto (provided that, with respect
     to the LaunchCo Joint Ventures, the Borrower shall use commercially
     reasonable efforts to obtain a supplement to the Subsidiary Guaranty); (c)
     (other than in the case of the Foreign Subsidiaries and the Joint Venture
     Subsidiaries) pledge to the Administrative Agent all (or in the case of the
     Foreign Subsidiaries, sixty-six percent (66%)) of the Equity Interests (or
     other instruments or securities evidencing ownership) of any Subsidiary or
     Person which is acquired or formed, beneficially owned by any of the
     Borrower Parties (including, without limitation, the Equity Interests of
     any Joint Venture Subsidiary), as additional Collateral for the Obligations
     to be held by the Administrative Agent in accordance with the terms of the
     Borrower Pledge Agreement or the Subsidiary Pledge Agreement, as
     applicable, and execute and deliver to the Administrative Agent all such
     documentation for such pledge (including, without limitation, a supplement
     to the Subsidiary Pledge Agreement, original certificates representing the
     pledged Equity Interests and corresponding certificate powers duly executed
     in blank) as, in the reasonable opinion of the Administrative Agent, is
     appropriate; and (d) provide all other documentation, including, without
     limitation, an Intellectual Property Security Agreement or any other
     security agreement covering any additional intellectual property obtained
     by such Borrower Party (other than in the case of the Foreign Subsidiaries
     and the Joint Venture Subsidiaries), additional UCC-1 financing statements,
     and one or more opinions of counsel reasonably satisfactory to the
     Administrative Agent which in the reasonable opinion of the Administrative
     Agent is appropriate with respect to such Acquisition or the formation of
     such new Subsidiary (provided that, in the case of the LaunchCo Joint
     Ventures, the Borrower shall use commercially reasonable efforts to

                                       14

<PAGE>

     obtain such other documentation). In addition, subject to Section 5.16
     hereof, if the Borrower or any of the Subsidiaries of the Borrower (other
     than the Foreign Subsidiaries and the Joint Venture Subsidiaries) shall at
     any time obtain any interest in any registered patent, trademark or
     copyright, or application for any of the foregoing, the Borrower or the
     applicable Subsidiary shall, as soon as reasonably practicable thereafter,
     execute and deliver to the Administrative Agent an Intellectual Property
     Security Agreement (or amendment thereto), such UCC-1 financing statements
     and one or more opinions of counsel reasonably satisfactory to the
     Administrative Agent which in the reasonable opinion of the Administrative
     Agent is appropriate for the pledge of such interests to the Administrative
     Agent (provided that, in the case of the LaunchCo Joint Ventures, the
     Borrower shall use commercially reasonable efforts to obtain an
     Intellectual Property Security Agreement and such related documentation as
     would otherwise be required hereunder)."

          (b) Section 5.15 of the Credit Agreement, Covenants Regarding
                                                    -------------------
Formation of Subsidiaries, the Making of Acquisitions and Investments, is hereby
---------------------------------------------------------------------
further modified and amended by deleting the penultimate sentence thereof and by
substituting the following therefor:

         "Investments made by any of the Borrower Parties (other than the
     Foreign Subsidiaries and the Joint Venture Subsidiaries) after the
     Agreement Date shall also be treated as additional Collateral and shall be
     subject to the provisions of appropriate Security Documents (provided that,
     in the case of the LaunchCo Joint Ventures, the Borrower shall use
     commercially reasonable efforts to obtain a pledge of any Investment to the
     extent otherwise required to be provided hereunder)."

          6.   Amendment to Article 5. Article 5 of the Credit Agreement,
               ----------------------
General Covenants, is hereby modified and amended by adding the following new
-----------------
Section 5.16 at the end thereof:

               "Section 5.16  Release of Certain Collateral. Notwithstanding
                              -----------------------------
     anything to the contrary contained in this Agreement or in any other Loan
     Document, so long as no Default or Event of Default then exists or would be
     caused thereby, (a) the Borrower may request that the Required Lenders
     agree, in their sole discretion, to the release of any Guaranties issued by
     and any Collateral pledged by any member of the InternetCo Group (but not
     any Equity Interests owned by the Borrower or any of its Subsidiaries
     (other than InternetCo or any of its Subsidiaries) in any member of the
     InternetCo Group) (the effective date of such release of Guaranties and
     Collateral being herein referred to as the "InternetCo Release Date");
     provided, however, that so long as the aggregate amount of Investments by
     --------  -------
     the Borrower and its Subsidiaries (other than InternetCo and its
     Subsidiaries) in the members of the InternetCo Group have been less than
     $15,000,000 from and after the Fourth Amendment Date, the consent of the
     Required Lenders shall not be required and the Administrative Agent may
     release the Guaranties and the Collateral upon the Borrower's request, and
     (b) InternetCo may form joint ventures (the "Permitted InternetCo Joint
                                                  --------------------------
     Ventures") with respect to not more than five (5) web sites, provided that
     --------
     the aggregate amount of

                                       15

<PAGE>

          Investments made by the Borrower and its Subsidiaries in any
          individual web site subject to such joint venture arrangements shall
          not be more than $500,000 or $2,500,000 in the aggregate for all such
          joint venture web sites since the Fourth Amendment Date, and the
          Administrative Agent may release the Guaranties and the Collateral
          related to any Permitted InternetCo Joint Venture upon the Borrower's
          request. In the event that the Borrower or any of its Subsidiaries
          shall form any *Joint Venture and so long as no Default or Event of
          Default then exists or would be caused thereby, the Collateral
          relating to the applicable *Joint Venture (but not any Equity
          Interests owned by the Borrower or any of its Subsidiaries therein)
          shall be released by the Administrative Agent at the request of the
          Borrower."

          7.   Amendment to Section 6.1. Section 6.1 of the Credit Agreement,
               ------------------------
Monthly Financial Statements and Information, is hereby deleted in its entirety
---------------------------------------------
and the following substituted in lieu thereof:

          "Section 6.1   Monthly Financial Statements and Information. With
                         --------------------------------------------
respect to each month ending during the Amendment Period (including, without
limitation, September 30, 2002) and with respect to the month ending November
30, 2002, within thirty (30) days after the last day of each such month, the
unaudited income statement of the Borrower, on a consolidated basis with the
Restricted Subsidiaries, and the related revenue and EBITDA on a consolidating
(by publication) basis, for such month and for the elapsed portion of the year
ended with the last day of such month, which shall set forth in comparative form
such figures as at the end of and for such month and the corresponding month
during the preceding fiscal year and as against the figures set forth for such
month in the Borrower's business plan provided to the Credit Parties pursuant to
Section 6.5(c) hereof, and shall be certified by a Principal Officer to be, in
his or her opinion, complete and correct in all material respects and to present
fairly in all material respects, in accordance with GAAP, the financial position
of the Borrower, on a consolidated and consolidating (by publication) basis, as
at the end of such period and the results of operations for such period, and for
the elapsed portion of the year ended with the last day of such period, subject
only to normal year-end adjustments and the absence of footnotes, cash flow
statements and balance sheets."

          8.   Amendment to Section 6.4. Section 6.4 of the Credit Agreement,
               ------------------------
Performance Certificates, is hereby deleted in its entirety and the following
------------------------
substituted in lieu thereof:

         "Section 6.4    Performance Certificates.
                         ------------------------

               "(a) At the time the financial statements are furnished pursuant
          to Section 6.1 hereof, a Performance Certificate:

                    "(i) setting forth as at the end of such fiscal month, (A)
     the arithmetical calculations required to establish whether the Borrower
was in

______________
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       16

<PAGE>

     compliance with the requirements of Section 8.1 and Section 8.2 hereof, and
     (B) to the extent that the Borrower or any of the Restricted Subsidiaries
     shall have made any payment during such fiscal month to cover operating
     expenses incurred in the ordinary course of business which are allocable to
     the operations of any Unrestricted Subsidiary, evidence that the Borrower
     shall have received (whether during or prior to such fiscal month) (I) Net
     Proceeds from any Specified Dispositions or (II) Specified Equity
     Contributions, in either case in an amount sufficient to cover such
     operating expenses and not used for other purposes;

               "(ii)  stating that, to the best of his or her knowledge, no
     Default or Event of Default has occurred as at the end of such period, or,
     if a Default or an Event of Default has occurred, disclosing each such
     Default or Event of Default and its nature, when it occurred, whether it is
     continuing and the steps being taken by the Borrower with respect to such
     Default or Event of Default; and

               "(iii) accompanied by a forecast of weekly cash receipts and
     disbursements for the immediately succeeding fiscal month certified as
     reasonable by a Principal Officer of the Borrower.

          "(b) At the time the financial statements are furnished pursuant to
     Section 6.2 hereof, a Performance Certificate:

               "(i)   setting forth as at the end of such fiscal quarter, the
     arithmetical calculations required to establish (A) whether the Borrower
     was in compliance with the requirements of the Financial Covenants, and (B)
     after the expiration of the Amendment Period, the Applicable Margin; "

               (ii)   setting forth a summary of all Investments received by (x)
     any member of the InternetCo Group (other than from any other member of the
     InternetCo Group), (y) any member of the LaunchCo Group (other than from
     any other member of the LaunchCo Group) and (z) any *Joint Venture, in each
     case during the applicable fiscal quarter, which summary shall (A) include
     the total amount of all such Investments received from and after the
     Agreement Date, (B) identify the Person making such Investment, and (C)
     with respect to Investments made by the Borrower or any of its
     Subsidiaries, indicate whether each such Investment was funded with
     Specified Equity Contributions or Net Proceeds received in connection with
     a Specified Disposition; and

               "(iii) stating that, to the best of his or her knowledge, no
     Default or Event of Default has occurred as at the end of such period, or,
     if a Default or an Event of Default has occurred, disclosing each such
     Default or Event of Default and its nature, when it occurred, whether it is
     continuing and the steps being taken by the Borrower with respect to such
     Default or Event of Default."

______________
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       17

<PAGE>

          9.   Amendment to Section 6.5. Section 6.5 of the Credit Agreement,
               -------------------------
Other Reports, is hereby modified and amended by adding the following new'
-------------
subsection (j) at the end thereof:

               "(j) Promptly, and in no event later than five (5) Business Days,
          following the consummation thereof, written notice to the Arrangers of
          (i) any capital contribution made to the Borrower and (ii) any use of
          Net Proceeds received in connection with any Specified Dispositions
          permitted to be reinvested under Section 2.7 hereof."

          10.  Amendments to Section 7.1.
               -------------------------

               (a)  Section 7.1 of the Credit Agreement, Indebtedness, is hereby
                                                         ------------
modified and amended by deleting subsection (f) and substituting the following
in lieu thereof:

               "(f) (i)  during the Amendment Period, Indebtedness that
     constitutes an Investment permitted under Section 7.2 hereof (provided
     that, to the extent any such Funded Debt shall be evidenced by a promissory
     note in favor of any Guarantor, such note shall be collaterally assigned to
     the Administrative Agent and, if such Funded Debt is secured, each security
     agreement or other collateral document relating thereto shall also be
     collaterally assigned to the Administrative Agent), and (ii) after the
     Amendment Period, Indebtedness that constitutes an Investment permitted
     under Section 7.2(a), (d) or (m) hereof;

               (b)  Section 7.1 of the Credit Agreement, Indebtedness, is hereby
further modified and amended by deleting subsection (q) and substituting the
following in lieu thereof:

               "(q) (i)  prior to the InternetCo Release Date, Indebtedness of
     any member of the InternetCo Group to any other member of the InternetCo
     Group (other than the Permitted InternetCo Joint Ventures) and Indebtedness
     of any Permitted InternetCo Joint Venture to any other Permitted InternetCo
     Joint Venture and (ii) after the InternetCo Release Date, Indebtedness of
     any member of the InternetCo Group to any other member of the InternetCo
     Group;"

               (c)  Section 7.1 of the Credit Agreement, Indebtedness, is hereby
                                                         ------------
further modified and amended by deleting subsection (s) and substituting the
following in lieu thereof:

               "(s) (i)  after the expiration of the Amendment Period or (ii)
     with the consent of the Required Lenders, non-Recourse Indebtedness
     incurred by the Borrower and its Restricted Subsidiaries in an aggregate
     amount not to exceed $5,000,000 at any one time outstanding;"

               (d)  Section 7.1 of the Credit Agreement, Indebtedness, is hereby
                                                         ------------
modified and amended by deleting subsection (u) and substituting the following
in lieu thereof:

                                       18

<PAGE>

               "(u) (i)  after the expiration of the Amendment Period or (ii)
          with the consent of the Required Lenders, other Indebtedness not
          expressly permitted above in an aggregate principal amount not to
          exceed $5,000,000 at any one time outstanding."

               (e)  Section 7.1 of the Credit Agreement, Indebtedness, is hereby
                                                         ------------
modified and amended by adding the following at the end of thereof:

          "Notwithstanding anything to the contrary contained herein, during the
          Amendment Period, each of the Foreign Subsidiaries, each member of the
          InternetCo Group and each member of the LaunchCo Group shall not incur
          any Funded Debt without the consent of the Required Lenders (other
          than (i) any intercompany Indebtedness within each such specified
          group to the extent otherwise permitted in this Section 7.1 and (ii)
          Indebtedness permitted under clause (f) of this Section 7.1 (provided
          that, in each case, to the extent any such Funded Debt shall be
          evidenced by a promissory note in favor of any Guarantor, such note
          shall be collaterally assigned to the Administrative Agent and, if
          such Funded Debt is secured, each security agreement, each security
          agreement or other collateral document relating thereto shall also be
          collaterally assigned to the Administrative Agent)); provided,
                                                               --------
          however, that following the earlier of (A) the expiration of the
          -------
          Amendment Period and (B) the InternetCo Release Date, members of the
          InternetCo Group may incur Indebtedness to the extent otherwise
          permitted under this Section 7.1 without the consent of the Required
          Lenders."

          11.  Amendments to Section 7.2.
               -------------------------

               (a)  Section 7.2 of the Credit Agreement, Investments, is hereby
                                                         -----------
modified and amended by deleting the parenthetical "(other than InternetCo)" and
substituting "(other than, after the InternetCo Release Date, InternetCo and its
Subsidiaries)" in lieu thereof.

               (b)  Section 7.2 of the Credit Agreement, Investments, is hereby
                                                         -----------
further modified and amended by deleting clause (e) and by substituting the
following in lieu thereof.

               "(e) so long as the Administrative Agent and the other Credit
     Parties, or any of them, have not accelerated the payments due in respect
     of the Loans under Section 9.2 hereof following an Event of Default, make
     Investments in the Restricted Subsidiaries, the Unrestricted Subsidiaries,
     the Joint Venture Subsidiaries (other than, except to the extent permitted
     pursuant to clause (x) of the last paragraph of this Section 7.2, the
     *Joint Ventures) and MacWorld with Specified Equity Contributions;"

               (c)  Section 7.2 of the Credit Agreement, Investments, is hereby
                                                         -----------
further modified and amended by deleting subsection (r) and substituting the
following in lieu thereof:

               "(r) (i)  after the expiration of the Amendment Period or (ii)
     with the consent of the Required Lenders, make other Investments, and issue
     Guarantees, not expressly permitted above in an aggregate amount not to
     exceed $1,000,000 at any

------------------
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       19

<PAGE>

     time outstanding; provided, however, that Investments in, and Guarantees
     for the benefit of, any Permitted InternetCo Joint Venture and, after the
     InternetCo Release Date, any other member of the InternetCo Group shall not
     be permitted pursuant to this clause (r)."

          (d)  Section 7.2 of the Credit Agreement, Investments, is hereby
                                                    -----------
further modified and amended by adding the following proviso at the end of
thereof:

     "Notwithstanding anything to the contrary contained in this Agreement, the
     following shall apply:

          "(v) during the Amendment Period, all Investments or loans made by the
     Restricted Group in or to any member of the InternetCo Group, any member of
     the LaunchCo Group, MacWorld or any Foreign Subsidiary shall be subject to
     consent of the Required Lenders; provided, however, that so long as the
                                      --------  -------
     Administrative Agent and the other Credit Parties, or any of them, have not
     accelerated the payments due in respect of the Loans under Section 9.2
     hereof following an Event of Default,

               "(I)   the Borrower and its Restricted Subsidiaries may make
          Investments in the Unrestricted Subsidiaries and in the Joint Venture
          Subsidiaries (other than, except to the extent permitted pursuant to
          clause (x) below, the *Joint Ventures) with Specified Equity
          Contributions;

               "(II)  the Borrower and its Subsidiaries may make Investments
          funded by the Net Proceeds received from asset sales to the extent
          such proceeds are not required to repay the Loans pursuant to Section
          2.7 hereof and have not been used for any other purpose; and

               "(III) the Borrower may make Investments in any Unrestricted
          Subsidiary to cover operating expenses incurred in the ordinary course
          of business which are allocable to the operations of such Unrestricted
          Subsidiary to the extent that the Borrower shall have received (A) Net
          Proceeds from any Specified Dispositions or (B) Specified Equity
          Contributions, in either case in an amount sufficient to cover such
          operating expenses and not used for other purposes;

          "(w) except for Investments made with Specified Equity Contributions
     to the extent permitted under Section 7.2(e) hereof, (A) Investments in the
     Joint Venture Subsidiaries (other than the *Joint Ventures), and (B)
     following the InternetCo Release Date, Investments by the Borrower or any
     of its Subsidiaries (other than InternetCo and its Subsidiaries) in members
     of the InternetCo Group, shall, in each case, require the consent of the
     Required Lenders;

______________
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       20

<PAGE>

               "(x)   following the sale of all or any material portion of the
          assets and liabilities of any of the *Publications or any of the
          Equity Interests in any *Joint Ventures, Investments by the Borrower
          or any of its Subsidiaries in such *Publications and in such *Joint
          Ventures shall require the consent of the Required Lenders; provided,
                                                                      --------
          however, that such Investments made with Specified Equity
          -------
          Contributions in an amount not to exceed $5,000,000 in the aggregate
          during the term of this Agreement shall be permitted without the
          consent of the Required Lenders;

               "(y)   InternetCo and its Subsidiaries shall be permitted to make
          Investments without restriction to the extent such Investments shall
          be funded by Specified Equity Contributions; and

               "(z)   during the Amendment Period, the Unrestricted Subsidiaries
          shall be permitted to make Investments in MacWorld (whether directly
          or through a member of the Restricted Group) only with the consent of
          the Required Lenders."

          12.  Amendments to Section 7.5.
               -------------------------

               (a)    Section 7.5 of the Credit Agreement, Liquidation; Merger;
                                                           -------------------
Acquisition or Disposition of Assets, is hereby modified and amended by deleting
------------------------------------
the reference to "Restricted Subsidiaries" in subsections (iii) and (xiii)
thereof and substituting "Subsidiaries" therefor.

               (b)    Section 7.5 of the Credit Agreement, Liquidation; Merger;
                                                           --------------------
Acquisition or Disposition of Assets, is hereby modified and amended by deleting
------------------------------------
the introductory paragraph to subsection (v) thereof and substituting the
following therefor:

               "(v)   subject to compliance with Section 5.15, the Borrower and
          its Restricted Subsidiaries may form Subsidiaries, and (A) after
          expiration of the Amendment Period or (B) with the consent of the
          Required Lenders, may make Acquisitions and Investments of Assets or
          businesses, within their respective lines of business, subject to the
          following conditions:"

               (c)    Section 7.5 of the Credit Agreement, Liquidation; Merger;
                                                           -------------------
Acquisition or Disposition of Assets, is hereby modified and amended by deleting
------------------------------------
subsection (vi) thereof and substituting the following therefor:

               "(vi)  subject to compliance with Sections 2.7 and 5.15,

               "(A)   during the Amendment Period, (I) the Unrestricted
          Subsidiaries make Investments as permitted under Section 7.2 hereof,
          (II) members of the InternetCo Group may transfer Assets to other
          members of the InternetCo Group (other than Permitted InternetCo Joint
          Ventures), members of the Restricted Group or members of the LaunchCo
          Group (other than LaunchCo Joint Ventures), (III) members of the
          LaunchCo Group may transfer Assets to other members of the LaunchCo
          Group

______________
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       21

<PAGE>

          (other than LaunchCo Joint Ventures) or members of the Restricted
          Group, (IV) members of the InternetCo Group may enter into any merger,
          consolidation or other business combination with other members of the
          InternetCo Group (other than Permitted InternetCo Joint Ventures), (V)
          members of the LaunchCo Group may enter into any merger, consolidation
          or other business combination with other members of the LaunchCo Group
          (other than LaunchCo Joint Ventures), (VI) the Unrestricted
          Subsidiaries (other than LaunchCo Joint Ventures) may create or
          acquire any Subsidiary, (VII) subject to Section 8.5 hereof, the
          Unrestricted Subsidiaries may make Capital Expenditures in the
          ordinary course of their respective businesses, and (VIII) InternetCo
          and its Subsidiaries may acquire Equity Interests or assets, or make
          any Acquisition, to the extent funded by Specified Equity
          Contributions;

               "(B) after the Amendment Period, the Unrestricted Subsidiaries
          may (I) enter into any merger, consolidation or other business
          combination, (II) acquire Equity Interests or assets, or make any
          Acquisition, or (III) create or acquire any Subsidiary or sell, lease,
          abandon, transfer, trade or otherwise dispose of any of its Assets,
          property or business; provided, however, that no LaunchCo Joint
          Venture may form a Subsidiary; and"

               (d) Section 7.5 of the Credit Agreement, Liquidation; Merger;
                                                        --------------------
Acquisition or Disposition of Assets, is hereby modified and amended by adding
------------------------------------
"after expiration of the Amendment Period," at the beginning of each of
subsections (ix), (x) and (xi) thereof.

               (e) Section 7.5 of the Credit Agreement, Liquidation; Merger;
                                                        --------------------
Acquisition or Disposition of Assets, is hereby modified and amended by adding
------------------------------------
the following proviso to subsection (viii) thereof and substituting the
following therefor:

               "provided, however, that during the Amendment Period, LaunchCo
                --------  -------
          shall be permitted to form the Expedia Travels Joint Venture;"

               (f) Section 7.5 of the Credit Agreement, Liquidation; Merger;
                                                        --------------------
Acquisition or Disposition of Assets, is hereby modified and amended by deleting
------------------------------------
subsection (xii) and substituting "(xii) [Intentionally Omitted]" therefor.

               (g) Section 7.5 of the Credit Agreement, Liquidation; Merger;
                                                        --------------------
Acquisition or Disposition of Assets, is hereby modified and amended by deleting
------------------------------------
subsection (xiv) and substituting the following therefor:

               "(xiv) the Borrower and its Subsidiaries may sell (A) up to ten
          percent (10%) of the Equity Interests owned by the Borrower in
          LaunchCo to management as Management Shares, (B) during the Amendment
          Period and prior to the InternetCo Release Date, up to twenty percent
          (20%) of the issued and outstanding Equity Interests in InternetCo and
          its Subsidiaries (other than any Permitted InternetCo Joint Venture)
          to management as Management Shares, (C) after the Amendment Period

                                       22

<PAGE>

          and prior to the InternetCo Release Date, up to 49.9% of the issued
          and outstanding Equity Interests in InternetCo, (D) after the
          InternetCo Release Date and subject to the restrictions on Change of
          Control contained in this Agreement, up to sixty percent (60%) of the
          issued and outstanding Equity Interests in InternetCo, and (E) any of
          the Equity Interests of any of the *Joint Ventures;"

               (h) Section 7.5 of the Credit Agreement, Liquidation; Merger;
                                                        --------------------
Acquisition or Disposition of Assets, is hereby modified and amended by adding
------------------------------------
"(A) after expiration of the Amendment Period or (B) during the Amendment Period
with the consent of the Required Lenders and" at the beginning of subsection
(xv) thereof.

               (i) Section 7.5 of the Credit Agreement, Liquidation; Merger;
                                                        --------------------
Acquisition or Disposition of Assets, is hereby modified and amended by (i)
------------------------------------
adding "(A) after expiration of the Amendment Period or (B) during the Amendment
Period with the consent of the Required Lenders and" at the beginning of
subsection (xvii) thereof and (B) adding the following proviso at the end of
subsection (xvii) thereof:

               "provided, however, that notwithstanding the foregoing, during
                --------  -------
          the Amendment Period, in the event MacWorld or any member of the
          InternetCo Group transfers assets to the Borrower or any of its
          Subsidiaries, such Person receiving such assets may further transfer
          such assets in a substantially contemporaneous transaction to the
          Borrower or any other Subsidiary of the Borrower;"

               (j) Section 7.5 of the Credit Agreement, Liquidation; Merger;
                                                        --------------------
Acquisition or Disposition of Assets, is hereby modified and amended by deleting
------------------------------------
the word "and" at the end of subsection (xvii), by replacing the period at the
end of subsection (xviii) with "; and" and by adding the following new
subsection at the end thereof:

               "(xix) subject to compliance with Section 2.7 and Section 5.15
          hereof, (A) InternetCo and its Subsidiaries may form any Permitted
          InternetCo Joint Venture and may sell up to fifty percent (50%) of the
          Equity Interest owned by it therein, and (B) the Borrower and its
          Subsidiaries may form any *Joint Venture and may sell any of the
          Equity Interests owned by it therein."

          13.  Amendment to Section 7.7. Section 7.7 of the Credit Agreement,
               -------------------------
Restricted Payments and Purchases, is hereby deleted in its entirety and the
---------------------------------
following substituted therefor:

               "Section 7.7 Restricted Payments and Purchases. The Borrower
                            ---------------------------------
          shall not, and shall cause each of its Subsidiaries not to, directly
          or indirectly, declare or make any Restricted Payment or Restricted
          Purchase except that (a) the Borrower may make regularly scheduled
          payments of interest when due on the Permitted High-Yield Securities
          or the Refinancing Securities, (b) the Borrower may make Restricted
          Payments to Holdco to permit Holdco to pay taxes, salaries, directors
          fees, indemnities and expenses and other corporate expenses in the
          ordinary course of its

------------------
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       23

<PAGE>

          business, (c) the Subsidiaries of the Borrower may make distributions
          to the holders of their respective Equity Interests, (d) the Borrower
          and its Subsidiaries may declare and pay dividends solely in common
          stock or Preferred Stock (other than Disqualified Capital Stock), and
          (e) so long as no Default or Event of Default then exists or would be
          caused thereby, the Borrower and its Subsidiaries may (i) make
          Restricted Payments to Holdco, Intermediate Holdco or any Permitted
          Intermediate Holdco Subsidiary to enable such Person to make, and such
          Person may make, regularly scheduled payments of interest when due on
          any Permitted High-Yield Securities (or the Refinancing Securities, as
          applicable), after expiration of a five (5) year period following the
          issuance of such securities (during which time such securities may
          accrue interest in kind), (ii) in connection with any refinancing of
          Permitted High-Yield Securities with Refinancing Securities, make
          Restricted Payments to the holders of the Permitted High-Yield
          Securities in an aggregate amount not to exceed the amount of then
          outstanding principal and accrued interest of the Permitted High-Yield
          Securities, plus related premiums, fees and expenses with respect to
          the refinancing of the Permitted High-Yield with such Refinancing
          Securities, (iii) make Restricted Payments or Restricted Purchases in
          connection with the repurchase, redemption or other acquisition or
          retirement for value of any Equity Interests of Holdco or any of its
          Subsidiaries held by any employee, former employee, spouse, former
          spouse of any employee or former employee and any of their respective
          estates, or make payments on notes evidencing any Management
          Redemption Debt, in an aggregate amount not to exceed the sum of (A)
          $1,000,000 during any fiscal year (with unused amounts in any fiscal
          year being carried over to succeeding fiscal years), plus (B) the
          Borrower's fifty percent (50%) share of the aggregate cash Net
          Proceeds received from any `key-man' life insurance policies, (iv)
          repurchase Equity Interests by the issuance of Management Redemption
          Debt permitted under Section 7.1 hereof, (v) repurchase Equity
          Interests or make payments with respect to Management Redemption Debt
          with Specified Equity Contributions expressly made for such purpose,
          and (vi) repurchase Equity Interests in consideration for the
          cancellation of any Management Notes issued in connection with the
          original purchase thereof. Notwithstanding anything to the contrary
          contained in this Agreement or the other Loan Documents, the
          Borrower's share of all Restricted Payments made by the direct
          Unrestricted Subsidiaries shall be paid to the Borrower."

          14.  Amendment to Section 7.8. Section 7.8 of the Credit Agreement,
               ------------------------
Affiliate Transactions, is hereby modified and amended by deleting clause (a)
----------------------
thereof and by substituting "(a) Investments and loans (other than loans made by
any of the Unrestricted Subsidiaries to any member of the Restricted Group)
permitted under Section 7.1 and Section 7.2 (other than loans made by any of the
Unrestricted Subsidiaries to any member of the Restricted Group)" therefor.

          15.  Amendment to Article 8.
               ----------------------

                                       24

<PAGE>

               (a) Section 8.1 of the Credit Agreement, Total Leverage Ratio, is
                                                        --------------------
hereby deleted in its entirety and the following substituted in lieu thereof:

               "Section 8.1 Total Leverage Ratio. (a) The Borrower shall not
                            --------------------
          permit for any calendar month end (other than October 31, 2002) during
          the periods set forth below, or as of the date of any Advance
          (including, without limitation, October 31, 2002) during such periods,
          the Total Leverage Ratio, after giving effect to such Advance (if
          applicable), to exceed the applicable ratio for such date during the
          periods as set forth below:

                       Applicable Period                      Ratio
                       -----------------                      -----
          June 30, 2001                                     *to 1.00
          July 1, 2001 through August 31, 2001              *to 1.00
          September 1, 2001 through September 30, 2001      *to 1.00
          October 1, 2001 through October 31, 2001          *to 1.00
          November 1, 2001 through November 30, 2001        *to 1.00
          December 1, 2001 through December 31, 2001        *to 1.00
          January 1, 2002 through January 31, 2002          *to 1.00
          February 1, 2002 through February 28, 2002        *to 1.00
          March 1, 2002 through March 31, 2002              *to 1.00
          April 1, 2002 through April 30, 2002              *to 1.00
          May 1, 2002 through May 31, 2002                  *to 1.00
          June 1, 2002 through June 30, 2002                *to 1.00
          July 1, 2002 through September 30, 2002           *to 1.00
          October 1, 2002 through December 31, 2002         *to 1.00

               "(b) The Borrower shall not permit for each fiscal quarter end
          during the periods set forth below, or as of the date of any Advance
          during such periods, the Total Leverage Ratio, after giving effect to
          such Advance (if applicable), to exceed the applicable ratio for such
          date during the periods as set forth below:

                       Applicable Period                      Ratio
                       -----------------                      -----
          January 1, 2003 through December 31, 2003         *to 1.00
          January 1, 2004 and thereafter                    *to 1.00"

               (b) Section 8.2 of the Credit Agreement, Senior Leverage Ratio,
                                                        ---------------------
is hereby deleted in its entirety and the following substituted in lieu thereof:

               "Section 8.2 Senior Leverage Ratio. (a) The Borrower shall not
                            ---------------------
          permit for any calendar month end (other than October 31, 2002) during
          the periods set forth below, or as of the date of any Advance
          (including, without limitation, October 31, 2002), the Senior Leverage
          Ratio, after giving effect to such Advance (if applicable), to exceed
          the applicable ratio for such date during the periods as set forth
          below:

------------------
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       25

<PAGE>

                      Applicable Period                       Ratio
                      -----------------                       -----
          June 30, 2001 through December 31, 2001           *to 1.00
          January 1, 2002 through March 31, 2002            *to 1.00
          April 1, 2002 through September 30, 2002          *to 1.00
          October 1, 2002 through December 31, 2002         *to 1.00

               "(b) The Borrower shall not permit for each fiscal quarter end
          during the periods set forth below, or as of the date of any Advance
          during such periods, the Senior Leverage Ratio, after giving effect to
          such Advance (if applicable), to exceed the applicable ratio for such
          date during the periods as set forth below:

                      Applicable Period                       Ratio
                      -----------------                       -----
          January 1, 2003 through December 31, 2003         *to 1.00
          January 1, 2004 and thereafter                    *to 1.00"

               (c) Section 8.3 of the Credit Agreement, Interest Coverage Ratio,
                                                        -----------------------
is hereby deleted in its entirety and the following substituted in lieu thereof:

               "Section 8.3 Interest Coverage Ratio. For each fiscal quarter end
                            -----------------------
          set forth below, the Borrower shall not permit the Interest Coverage
          Ratio to be less than the ratio specified below with respect to such
          fiscal quarter end:

                       Quarters Ending                        Ratio
                       ---------------                        -----
          June 30, 2001 and September 30, 2001              *to 1.00
          December 31, 2001                                 *to 1.00
          March 31, 2002                                    *to 1.00
          June 30, 2002                                     *to 1.00
          September 30, 2002                                *to 1.00
          December 31, 2002                                 *to 1.00
          January 1, 2003 through December 31, 2003         *to 1.00
          January 1, 2004 and thereafter                    *to 1.00"

               (d) Section 8.4 of the Credit Agreement, Fixed Charge Coverage
                                                        ---------------------
Leverage Ratio, is hereby deleted in its entirety and the following substituted
--------------
in lieu thereof:

               "Section 8.4 Fixed Charge Coverage Ratio. For each fiscal quarter
                            ---------------------------
          end specified below, the Borrower shall not permit the Fixed Charge
          Coverage Ratio to be less than the ratio specified below with respect
          to such fiscal quarter end:

                       Quarters Ending                        Ratio
                       ---------------                        -----
          June 30, 2001                                     *to 1.00
          September 30, 2001                                Not Tested

------------------
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       26

<PAGE>

          December 31, 2001                             Not Tested
          March 31, 2002                                 *to 1.00
          June 30, 2002                                  *to 1.00
          September 30, 2002                             *to 1.00
          December 31, 2002 and thereafter               *to 1.00

               (e) Section 8.5 of the Credit Agreement, Capital Expenditures, is
                                                        --------------------
hereby deleted in its entirety and the following substituted in lieu thereof:

               "Section 8.5 Capital Expenditures. The Borrower and its
                            --------------------
          Restricted Subsidiaries shall not make Capital Expenditures (other
          than in connection with the reinvestment of asset sale Net Proceeds to
          the extent set forth in Section 2.7(b)(viii) and Section 7.5 hereof)
          (a) during the period from April 1, 2001 through March 31, 2002, in
          excess of $12,000,000, and (b) during the period from April 1, 2002
          through September 30, 2002, in excess of the sum of (i) $6,000,000,
          plus (ii) up to $1,000,000 to be carried over from the prior period to
          the extent not used during such prior period."

               (f) Article 8 of the Credit Agreement, Financial Covenants, is
                                                      -------------------
hereby modified and amended by adding the following new Section 8.6 at the end
thereof:

               "Section 8.6 Minimum Cash On-Hand. The Borrower shall be required
                            --------------------
          to maintain cash on-hand of at least $15,000,000 during the period
          from the Fourth Amendment Date until July 16, 2001, for the purpose of
          making the payment of interest due on July 16, 2001, with respect to
          the Permitted High Yield Securities."

          16.  Amendment to Section 9.1. Section 9.1 of the Credit Agreement,
               ------------------------
Events of Default, is hereby modified and amended by deleting clause (c) thereof
-----------------
and substituting the following therefor:

              "(c) The Borrower shall default in the performance or observance
          of any agreement or covenant contained in Section 5.1(a), 5.5, 5.7 or
          5.8 or in Article 6 or Article 7 or Article 8 of this Agreement or in
          any Security Documents; provided, however, that in the case of Article
                                  --------  -------
          6, the Administrative Agent shall have given the Borrower written
          notice of such Default; provided further, however, that in the case of
                                  -------- -------  -------
          Section 8.1 and 8.2 with respect to compliance with such covenants for
          any fiscal month (other than November and May) during the Amendment
          Period, such Event of Default shall only be deemed to have occurred if
          (i) the Borrower shall have failed to demonstrate compliance with such
          Financial Covenants for two (2) consecutive calendar months, or (ii)
          the Total Leverage Ratio shall exceed the applicable ratio set forth
          in Section 8.1 with respect to such calendar month by greater than
          0.50 to 1.00, or (iii) the Senior Leverage Ratio shall exceed the
          applicable ratio set forth in Section 8.2 with respect to such
          calendar month by greater than 0.50 to 1.00;"

          17.  Amendments to Exhibits.
               ----------------------

               (a) Exhibit M to the Credit Agreement, Form of Subsidiary
                                                      ------------------
Guaranty, is hereby deleted in its entirety and Exhibit M attached hereto is
substituted in lieu thereof.

------------------
*Certain terms have been omitted pursuant to a request for confidential
treatment, and the omitted portions have been filed separately with the
Securities and Exchange Commission.

                                       27

<PAGE>

               (b) Exhibit N to the Credit Agreement, Form of Subsidiary Pledge
                                                      -------------------------
Agreement, is hereby deleted in its entirety and Exhibit N attached hereto is
---------
substituted in lieu thereof.

               (c) Exhibit O to the Credit Agreement, Form of Subsidiary
                                                      ------------------
Security Agreement, is hereby deleted in its entirety and Exhibit O attached
------------------
hereto is substituted in lieu thereof.

          18.  Amendment to Schedules to the Credit Agreement. Schedule 2 to the
               ----------------------------------------------
Credit Agreement, Allocation of Commitments among Lenders and Lenders' Addresses
                  --------------------------------------------------------------
for Notice, is hereby modified and amended by deleting the existing schedule in
----------
its entirety and by substituting Schedule 2 attached hereto in lieu thereof.

          19.  Waiver. The Lead Arranger, the Syndication Agent, the
               ------
Documentation Agent, the Administrative Agent and the Credit Parties hereby
waive (a) (i) the Defaults and Events of Default existing as of June 30, 2001,
under the Financial Covenants set forth in Sections 8.1 through 8.4 of the
Credit Agreement, (ii) the Default existing under Section 6.5(c) of the Credit
Agreement resulting from the Borrower's failure to deliver a copy of the
Borrower's annual business plan and updated financial projections for itself and
the Restricted Subsidiaries by April 30, 2001, and (iii) the Default existing
under Section 6.3 of the Credit Agreement resulting from the Borrower's failure
to deliver audited financials, together with related opinions and certificates,
with respect to the fiscal year ending March 31, 2001, within 105 days of the
end of such fiscal year (the "Financial Statement Default") (the foregoing
clauses (i), (ii) and (iii) being hereinafter collectively referred to as the
"Existing Defaults") and (b) their rights and remedies under the Credit
Agreement and the other Loan Documents which may arise as a result of any
Existing Default. Notwithstanding anything to the contrary contained in the
foregoing, the waiver of the Financial Statement Default hereunder shall be
limited in time and shall thereupon only be effective through July 23, 2001. In
the event that the Borrower shall have failed to deliver the financial
statements required by Section 6.3 of the Credit Agreement on or before July 23,
2001, an Event of Default shall be deemed to have occurred under the Credit
Agreement. The waivers contained in the foregoing sentence shall not waive any
other requirement or hinder, restrict or otherwise modify the rights and
remedies of the Lead Arranger, the Syndication Agent, the Documentation Agent,
the Administrative Agent and the Credit Parties following the occurrence of any
other present or future Default or Event of Default (whether or not related to
any Default or Event of Default described in this Section 19) under the Credit
Agreement or any other Loan Document.

          20.  No Other Amendments or Waivers. Except for the amendments and
               ------------------------------
waivers set forth above, the text of the Credit Agreement and the other Loan
Documents shall remain unchanged and in full force and effect, and the Lead
Arranger, the Syndication Agent, the Documentation Agent, the Administrative
Agent and the Credit Parties hereby reserve the right to require strict
compliance with the terms of the Credit Agreement and the other Loan Documents
in the future.

          21.  Reaffirmation. Each of the Borrower and the Guarantors (each a
               -------------
"Pledge Party") acknowledges and agrees that the security and other interests
granted to the Administrative Agent and the other Credit Parties pursuant to the
Loan Documents to which each respective Pledge Party is a signatory prior to the
date hereof shall remain outstanding and in full force and effect in accordance
with the Loan Documents, and shall continue to secure the Obligations, and that
the security and other interests granted to the Administrative Agent and the
other Credit Parties thereby are hereby ratified, confirmed and continued by
execution and delivery hereof. The Loan Documents shall remain extant and in
full force and effect following

                                       28

<PAGE>

the execution and delivery of this Amendment and the other Loan Documents
executed in connection therewith, and each of the Pledge Parties hereby ratifies
and confirms its respective obligations thereunder.

          22.  Amendment Fee. The Borrower hereby agrees to pay, upon the
               -------------
Effective Date (as defined in Section 23 below), to each Lender delivering its
consent to this Amendment on or before July 10, 2001, an amendment fee in the
amount of 25 basis points on the amount of such Lender's Revolving Commitment
and Term Loans after giving effect to this Amendment and any repayment of the
Loans made in connection herewith. The amendment fee referred to herein shall be
fully earned when due and non-refundable when paid.

          23.  Conditions to Effectiveness. This Agreement shall be effective as
               ---------------------------
of the date first written above (the "Effective Date") upon (a) the
Administrative Agent's receipt of a counterpart hereof duly executed by the
Borrower, the Guarantors and the Required Lenders and (b) upon the occurrence of
each of the following terms and conditions:

               (a)  The Administrative Agent shall have received each of the
following in form and substance satisfactory to the Administrative Agent and its
counsel:

                    (i)   the duly executed Subsidiary Guaranty executed and
          delivered by each Subsidiary of the Borrower (other than any of the
          Foreign Subsidiaries and the LaunchCo Joint Ventures existing as of
          the Fourth Amendment Date);

                    (ii)  the duly executed Subsidiary Pledge Agreement from
          each Subsidiary of the Borrower (other than any of the Foreign
          Subsidiaries and the LaunchCo Joint Ventures existing as of the Fourth
          Amendment Date) which has one or more Subsidiaries, together with
          appropriate original certificates representing the Equity Interests
          pledged thereunder and corresponding undated certificate powers with
          respect thereto executed in blank;

                    (iii) the duly executed Subsidiary Security Agreement
          executed and delivered by each Subsidiary of the Borrower (other than
          any of the Foreign Subsidiaries and the LaunchCo Joint Ventures
          existing as of the Fourth Amendment Date), together with appropriate
          UCC-1 financing statement forms; and

                    (iv)  a loan certificate from each new Guarantor in
          substantially the form attached to the Credit Agreement as Exhibit T,
          including a certificate of incumbency with respect to each officer
          authorized to execute Loan Documents on behalf of such Guarantor,
          together with appropriate attachments which shall include, without
          limitation, the following items if such Guarantor is a corporation,
          and the analogous items if such Guarantor is a partnership or a
          limited liability company: (A) a copy of the articles or certificate
          of incorporation of such Guarantor, certified to be true, complete and
          correct by the Secretary of State of the state of such Guarantor's
          organization, and a true, complete and correct copy of the by-laws of
          such Guarantor; (B) a true, complete and correct copy of the
          resolutions of the board of directors of such Guarantor authorizing
          the execution, delivery and performance by such Guarantor of the Loan
          Documents to which it is a party; and (C) true, correct and complete
          copies of any agreements to which such Guarantor is a party in effect
          with respect to the voting rights, ownership interests, or management
          of such Guarantor.

               (b) The Credit Parties shall have received payment of all fees
and expenses (including, without limitation, the amendment fees referred to in
Section 22 above) due and payable on the

                                       29

<PAGE>

Fourth Amendment Date in respect of the Credit Agreement, this Amendment and the
transactions contemplated hereby and thereby.

               (c) No event shall have occurred since April 30, 2001, which
shall have had a Materially Adverse Effect on the Borrower and its Restricted
Subsidiaries taken as a whole except as set forth in Section 19 above.

               (d) The Agents shall have received evidence satisfactory to them
that the Borrower shall have received additional equity contributions of at
least $50,000,000 from the Controlling Shareholders and the Co-Investors, on
terms reasonably acceptable in all respects to the Agents, and at least
$35,000,000 shall have been used to permanently reduce the Loans pursuant to
Section 2.7(e) of the Credit Agreement.

               (e) The Agents shall have received a Performance Certificate,
which certificate shall demonstrate that, as of the Effective Date and based on
the financial statements of the Borrower delivered with respect to the month
ending May 31, 2001, the Borrower has, after giving effect to this Amendment and
pro forma for the pay-down of the Loans in connection herewith, (i) a Total
Leverage Ratio of 5.45 to 1.00 or less and (ii) a Senior Leverage Ratio of 2.30
to 1.00 or less, in each case based upon the Borrower's financial performance
for the twelve (12) month period ended May 31, 2001.

               (f) The Agents shall have received such other information,
documents, instruments or approvals as the Agents or their counsel may
reasonably require by July 10, 2001.

          24.  Conditions Subsequent. As a condition subsequent to the
               ---------------------
amendments set forth in this Amendment, the Borrower shall deliver to the
Administrative Agent on or before August 15, 2001, certificates of good standing
for each new Guarantor issued by the Secretary of State of such Guarantor's
organization and by the Secretary of State or similar state official for each
state in which such Guarantor is required to or has qualified to do business.

          25.  Representations and Warranties. The Borrower, for itself and on
               ------------------------------
behalf of each of its Subsidiaries, agrees, represents and warrants in favor of
the Lead Arranger, the Syndication Agent, the Documentation Agent, the
Administrative Agent and the Credit Parties that:

               (a) This Amendment has been executed and delivered by duly
authorized representatives of the Borrower, and the Credit Agreement, as
modified and amended by this Amendment, constitutes a legal, valid and binding
obligation of the Borrower and is enforceable against the Borrower in accordance
with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting creditors' rights generally
and by the application of general equitable principles;

               (b) After giving effect to this Amendment, no Default or Event of
Default with respect to the Borrower shall have occurred and be continuing; and

               (c) No event contemplated in connection with this Amendment has
occurred, which has not been consented to or waived, the occurrence of which
constitutes, or with the passage of time or giving of notice or both would
constitute, a material default by the Borrower or any of its Subsidiaries under
any material indenture, agreement or other instrument, or any judgment, decree
or order, to which the Borrower

                                       30

<PAGE>

or any of its Subsidiaries is a party or by which the Borrower or any of its
Subsidiaries or any of their respective properties may be bound or affected.

          26.  Effect on the Credit Agreement. Except as specifically provided
               ------------------------------
herein, the Credit Agreement shall remain in full force and effect, and is
hereby ratified, reaffirmed and confirmed. This Amendment shall be deemed to be
a Loan Document for all purposes.

          27.  Counterparts. This Amendment may be executed in any number of
               ------------
separate counterparts and by the different parties hereto on separate
counterparts, each of which shall be deemed an original and all of which, taken
together, shall be deemed to constitute one and the same instrument. In proving
this Amendment in any judicial proceedings, it shall not be necessary to produce
or account for more than one such counterpart signed by the party against whom
such enforcement is sought. Any signatures delivered by a party by facsimile
transmission shall be deemed an original signature hereto.

          28.  Law of Contract. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE
               ---------------
WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       31

<PAGE>

            IN WITNESS WHEREOF, this Amendment has been duly executed as of the
day and year first written above.

BORROWER:                        ZIFF DAVIS MEDIA INC.

                                 By: /s/ David F. Mullen
                                 Name: David F. Mullen
                                 Title: Vice President and Conroller

LEAD ARRANGER:                   CIBC WORLD MARKETS CORP.

                                 By:  /s/ Debrorah D. Strek
                                 Name: Deborah D. Strek
                                 Title: Managing Director

SYNDICATION AGENT:               BANKERS TRUST COMPANY

                                 By:  /s/ Robert R. Telesca
                                 Name: Robert R. Telesca
                                 Title: Vice President

DOCUMENTATION
AGENT:                           FLEET NATIONAL BANK

                                 By:  /s/ Patrick Bonebrake
                                 Name: Patrick Bonebrake
                                 Title: Vice President

ADMINISTRATIVE                   CANADIAN IMPERIAL BANK OF
AGENT:                           COMMERCE

                                 By:  /s/ Deborah D. Strek
                                 Name: Deborah D. Strek
                                 Title: Managing Director, CIBC World Markets
                                         Corp., as Agent

<PAGE>

LENDERS:                           FIRSTAR BANK, N.A.

                                   By: /s/ Douglas P. Best
                                      -----------------------------------------
                                   Name: DOUGLAS P. BEST
                                        ---------------------------------------
                                   Title: BANKING OFFICER
                                         --------------------------------------

                                   KZH STERLING LLC

                                   By: /s/ Susan Lee
                                      -----------------------------------------
                                   Name: Susan Lee
                                   --------------------------------------------
                                   Title: Authorized Agent
                                         --------------------------------------

                                   KATONAH I LTD.

                                   By: /s/ Ralph Della Rocca
                                      -----------------------------------------
                                   Name: RALPH DELLA ROCCA
                                        ---------------------------------------
                                   Title: AUTHORIZED OFFICER
                                         --------------------------------------
                                          KATONAH CAPITAL, L.L.C
                                             AS MANAGER

                                   KATONAH II LTD

                                   By: /s/ Ralph Della Rocca
                                      -----------------------------------------
                                   Name: RALPH DELLA ROCCA
                                        ---------------------------------------
                                   Title: AUTHORIZED OFFICER
                                         --------------------------------------
                                          KATONAH CAPITAL, L.L.C
                                              AS MANAGER

<PAGE>

                                   PILGRIM CLO 1999-1 LTD.

                                           By: ING Pilgrim Investments,
                                               as its investment manager

                                   By: /s/ Curtis F. Lee
                                      -----------------------------------------
                                   Name: Curtis F. Lee
                                        ---------------------------------------
                                   Title: Senior Vice President
                                         --------------------------------------

                                   SEQUILS-PILGRIM I LTD

                                           By: ING Pilgrim Investments,
                                               as its investment manager

                                   By: /s/ Curtis F. Lee
                                      -----------------------------------------
                                   Name: Curtis F. Lee
                                        ---------------------------------------
                                   Title Senior Vice President
                                        ---------------------------------------

                                   PILGRIM AMERICA HIGH INCOME
                                   INVESTMENTS LTD, (as assignee)

                                           By: ING Pilgrim Investments,
                                               as its investment manager

                                   By: /s/ Curtis F. Lee
                                      -----------------------------------------
                                   Name: Curtis F. Lee
                                        ---------------------------------------
                                   Title: Senior Vice President
                                         --------------------------------------

                                   ML CLO XV PILGRIM AMERICA
                                   (CAYMAN) LTD.

                                          By: ING Pilgrim investments,
                                              as its investment manager

                                   By: /s/ Curtis F. Lee
                                      -----------------------------------------
                                   Name: Curtis F. Lee
                                        ---------------------------------------
                                   Title: Senoir Vice President
                                         --------------------------------------

<PAGE>

                                   PILGRIM PRIME RATE TRUST

                                           By: ING Pilgrim investments,
                                            as its investment manager

                                   By: /s/ Curtis F. Lee
                                      -----------------------------------------
                                   Name: Curtis F. Lee
                                        ---------------------------------------
                                   Title: Senior Vice President
                                         --------------------------------------

                                   CHEVY CHASE BANK FSB

                                   By: /s/[ILLEGIBLE]
                                      -----------------------------------------
                                   Name: [ILLEGIBLE]
                                        ---------------------------------------
                                   Title: Assistant Vice President
                                         --------------------------------------

                                   MORGAN STANLEY PRIME INCOME TRUST,

                                   By: /s/ [ILLEGIBLE]
                                   --------------------------------------------
                                   Name: [ILLEGIBLE]
                                        ---------------------------------------
                                   Title: Vice President
                                         --------------------------------------

                                   THE BANK OF NOVA SCOTIA

                                   By: /s/ IAN A. HODGART
                                      -----------------------------------------
                                   Name: IAN A. HODGART
                                        ---------------------------------------
                                   Title: AUTHORIZED SIGNATORY
                                         --------------------------------------

<PAGE>

                                   ORIX USA CORPORATION

                                   By: /s/ HIROYUKI MIYAUCHI
                                      -----------------------------------------
                                   Name: HIROYUKI MIYAUCHI
                                        ---------------------------------------
                                   Title: Executive Vice President
                                         --------------------------------------

                                   SEABOARD CLO 2000 LTD.

                                   By: /s/ S. H. Davis
                                      -----------------------------------------
                                   Name: Sheppard H C Davis, Jr.
                                        ---------------------------------------
                                   Title: CEO of Seaboard & Co.
                                         --------------------------------------
                                          Its Collateral Manager

                                   THE BANK OF NEW YORK

                                   By: /s/ Geoffrey C. Brooks
                                      -----------------------------------------
                                   Name: Geoffrey C. Brooks
                                        ---------------------------------------
                                   Title: Senior Vice President
                                         --------------------------------------

                                   SUNAMERICA LIFE INSURANCE COMPANY

                                   By: /s/ John G. Lepham III
                                      -----------------------------------------
                                   Name: John G. Lepham III
                                        ---------------------------------------
                                   Title: Authorized Agent
                                         --------------------------------------

<PAGE>

LENDERS:                           CIBC INC.

                                   By: /s/ Deborah Strek
                                      -----------------------------------------
                                   Name: Deborah D. Strek
                                        ---------------------------------------
                                   Title: Managing Director, CIBC World Markets
                                          Corp, as Agent

                                   GLENEAGDES TRADING LLC

                                   By: /s/ Ann E. Morris
                                      -----------------------------------------
                                   Name: Ann E. Morris
                                        ---------------------------------------
                                   Title: Asst. Vice President
                                         --------------------------------------

                                   BLUE SQAURE FUNDING LIMITED

                                   By: /s/ Stephen T. Hessley
                                      -----------------------------------------
                                   Name: Stephen T. Hessley
                                        ---------------------------------------
                                   Title: Vice President
                                         --------------------------------------

<PAGE>

                                   THERMOPYLAE FUNDING CORP.

                                   By: /s/ Frank B Bilotta
                                      -----------------------------------------
                                   Name: FRANK B BILOTTA
                                        ---------------------------------------
                                   Title: VICE PRESIDENT
                                         --------------------------------------

                                   Highland Loan Funding V Ltd.
                                   By: Highland Capital Management, L.P.
                                   As Collateral Manager

                                   Name: /s/ Mark K Okada CFA
                                        -------------------------------

                                   By: Mark K Okada CFA
                                   Title: Executive Vice President
                                          Highland Capital Management L.P.

                                   Highland Legacy Limited
                                   By: Highland Capital Management, L.P.
                                   As Collateral Manager

                                   Name: /s/ Mark K Okada CFA
                                        -------------------------------

                                   By: Mark K Okada CFA
                                   Title: Executive Vice President
                                          Highland Capital Management L.P.

                                   CARLYLE HIGH YIELD PARTNERS L.P.

                                   By: /s/ Mark Alter
                                      -----------------------------------------
                                   Name: MARK ALTER
                                        ---------------------------------------
                                   Title: PRINCIPAL
                                         --------------------------------------

<PAGE>
                                   CARLYLE HIGH YIELD PARTNERS III L.P.

                                   By: /s/ Mark Alter
                                      -----------------------------------------
                                   Name: MARK ALTER
                                        ---------------------------------------
                                   Title: PRINCIPAL
                                         --------------------------------------

                                   CARLYLE HIGH YIELD PARTNERS II LTD

                                   By: /s/ Mark Alter
                                      -----------------------------------------
                                   Name: MARK ALTER
                                        ---------------------------------------
                                   Title: PRINCIPAL
                                         --------------------------------------

                                   JOHN HANCOCK LIFE INSURANCE COMPANY

                                   By: /s/ Daniel Budde
                                      -----------------------------------------
                                   Name: DANIEL BUDDE
                                        ---------------------------------------

                                   Title: Managing Director
                                         --------------------------------------

                                   GOLDENTREE HIGH YIELD OPPORTUNITIES LLP

                                   By: /s/ Frederick Haddad
                                      -----------------------------------------
                                   Name: FREDERICK HADDAD
                                        ---------------------------------------
                                   Title: PARTNER
                                         --------------------------------------

<PAGE>

                                   CAPTIVA FINANCE LIMITED

                                   By: /s/ David Eggllshaw
                                      -----------------------------------------
                                   Name: David Eggllshaw
                                        ---------------------------------------
                                   Title: Director
                                         --------------------------------------

                                   VAN KAMPEN CLO II LTD
                                   By: Van Kampen Management Inc, As
                                   Collateral Manager

                                   By: /s/ Darvin D. Pierce
                                      -----------------------------------------
                                   Name: DARVIN D. PIERCE
                                        ---------------------------------------
                                   Title: PRINCIPAL
                                        ---------------------------------------

                                   VAN KAMPEN CLO I LTD
                                   By: Van Kampen Management Inc., as
                                   Collateral Agent

                                   By: /s/ Darvin D. Pierce
                                      -----------------------------------------
                                   Name: DARVIN D. PIERCE
                                        ---------------------------------------
                                   Title: PRINCIPAL
                                         --------------------------------------

                                   VAN KAMPEN SENIOR INCOME TRUST
                                   By: Van Kampen Investment Advisory Corp.

                                   By: /s/ Darvin D. Pierce
                                      -----------------------------------------
                                   Name: DARVIN D. PIERCE
                                        ---------------------------------------
                                   Title: PRINCIPAL
                                         --------------------------------------

<PAGE>

                                   VAN KAMPEN SENIOR FLOATING RATE FUND
                                   By: Van Kampen Investment Advisory Corp.

                                   By: /s/ Darvin D. Pierce
                                      -----------------------------------------
                                   Name: DARVIN D. PIERCE
                                        ---------------------------------------
                                   Title: PRINCIPAL
                                         --------------------------------------

                                   VAN KAMPEN PRIME RATE INCOME TRUST
                                   By: Van Kampen Investment Advisory Corp.

                                   By: /s/ Darvin D. Pierce
                                      -----------------------------------------
                                   Name: DARVIN D. PIERCE
                                        ---------------------------------------
                                   Title: PRINCIPAL
                                         --------------------------------------

                                   AERIES FINANCE II LTD.
                                   By: INVESCO Senior Secured Management, Inc.
                                   as Sub-Managing Agent

                                   By: /s/ Joseph Rotondo
                                       ----------------------------------------
                                   Name: Joseph Rotondo
                                        ---------------------------------------
                                   Title: Authorized Signatory
                                         --------------------------------------

                                   AMARA - 1 FINANCE LTD.

                                   By: INVESCO Senior Secured Management, Inc,
                                   as Subadvisor

                                   By: /s/ Joseph Rotondo
                                      -----------------------------------------
                                   Name: Joseph Rotondo
                                        ---------------------------------------
                                   Title: Authorized Signatory
                                         --------------------------------------

<PAGE>

                                   AMARA 2 FINANCE LTD.

                                   By: INVESCO Senior Secured Management, Inc.,
                                   as Subadvisor

                                   By: /s/ Joseph Rotondo
                                      -----------------------------------------
                                   Name: Joseph Rotondo
                                        ---------------------------------------
                                   Title: Authorized Signatory
                                         --------------------------------------

                                   AVALON CAPITAL LTD.

                                   By: INVESCO Senior Secured Management, Inc.,
                                   as Portfolio Advisor

                                   By: /s/ Joseph Rotondo
                                      -----------------------------------------
                                   Name: Joseph Rotondo
                                        ---------------------------------------
                                   Title: Authorized Signatory
                                         --------------------------------------

                                   OASIS COLLATERALIZED HIGH INCOME
                                   PORTFOLIO - 1, LTD.
                                   By: INVESCO Senior Secured Management, Inc.,
                                   as Subadvisor

                                   By: /s/ Joseph Rotondo
                                      -----------------------------------------
                                   Name: Joseph Rotondo
                                        ---------------------------------------
                                   Title: Authorized Signatory

                                   AVALON CAPITAL LTD. 2
                                   By: INVESCO Senior Secured Management, Inc.
                                       as Portfolio Advisor

                                   By: /s/ Joseph Rotondo
                                      -----------------------------------------
                                   Name: Joseph Rotondo
                                        ---------------------------------------
                                   Title: Authorized Signatory
                                         --------------------------------------

<PAGE>

                                   AIM FLOATING RATE FUND
                                   By: INVESCO Senior Secured Management, Inc.
                                       As Attorney in fact

                                   By: /s/ Joseph Rotondo
                                      -----------------------------------------
                                   Name: Joseph Rotondo
                                        ---------------------------------------
                                   Title: Authorized Signatory
                                         --------------------------------------

                                   CHARTER VIEW PORTFOLIO
                                   By: INVESCO Senior Secured Management, Inc.
                                       As Investment Advisor

                                   By: /s/ Joseph Rotondo
                                      -----------------------------------------
                                   Name: Joseph Rotondo
                                        ---------------------------------------
                                   Title: Authorized Signatory
                                         --------------------------------------

                                   INVESCO CBO 2000-1 LTD.
                                   By: INVESCO Senior Secured Management, Inc.
                                       As Portfolio Advisor

                                   By: /s/ Joseph Rotondo
                                      -----------------------------------------
                                   Name: Joseph Rotondo
                                        ---------------------------------------
                                   Title: Authorized Signatory
                                         --------------------------------------

                                   TRITON CBO III, LIMITED
                                   By: INVESCO Senior Secured Management, Inc.
                                       As Investment Advisor

                                   By: /s/ Joseph Rotondo
                                      -----------------------------------------
                                   Name: Joseph Rotondo
                                        ---------------------------------------
                                   Title: Authorized Signatory
                                         --------------------------------------

<PAGE>

                             CERES II FINANCE LTD.
                             By: INVESCO Senior Secured Management,
                             Inc. as Sub-Managing Agent (Financial)

                             By: /s/ Joseph Rotondo
                                -----------------------------------------------
                             Name: Joseph Rotondo
                                  ---------------------------------------------
                             Title: Authorized Signatory
                                   --------------------------------------------

                             PROMETHEUS INVESTMENT FUNDING NO. 1 LTD.
                             By: CPF Asset Advisory, LLC, as Investment Manager

                             By: /s/ Timothy L. Harrod
                                -----------------------------------------------
                             Name: TIMOTHY L. HARROD
                                  ---------------------------------------------
                             Title: MANAGING DIRECTOR
                                   --------------------------------------------

                             FIRST DOMINION FUNDING I

                             By: /s/ ANDREW H. MARSHAK
                                -----------------------------------------------
                             Name: ANDREW H. MARSHAK
                                  ---------------------------------------------
                             Title: AUTHORIZED SIGNATORY
                                   --------------------------------------------

                             HELLER FINANCIAL, INC.

                             By: /s/ Robert M. Rag
                                -----------------------------------------------
                             Name: Robert M. Rag
                                  ---------------------------------------------
                             Title: Assistant Vice President
                                   --------------------------------------------

<PAGE>

                             NOVA CDO 2001 LTD.(formerly known [ILLEGIBLE]
                             Assc. Ltd)

                             By: [ILLEGIBLE]
                                -----------------------------------------------
                             Name: [ILLEGIBLE]
                                  ---------------------------------------------
                             Title: [ILLEGIBLE]
                                   --------------------------------------------

                             SIGNATURE 1A (CAYMAN) LTD.
                             By: John Hancock Life Insurance Company,
                             Portfolio Advisor

                             By: /s/ George H. Braun
                                -----------------------------------------------
                             Name: George H. Braun
                                  ---------------------------------------------
                             Title: Senior Managing Director
                                   --------------------------------------------

                             SIGNATURE 3 LIMITED
                             By: John Hancock Life Insurance Company, as
                             Portfolio Advisor

                             By: /s/ George H. Braun
                                -----------------------------------------------
                             Name: George H. Braun
                                  ---------------------------------------------
                             Title: Senior Managing Director
                                   --------------------------------------------

                             MOUNTAIN CAPITAL CLO II

                             By: /s/ Darren P. Riley
                                -----------------------------------------------
                             Name: DARREN P. RILEY
                                -----------------------------------------------
                             Title: DIRECTOR
                                   --------------------------------------------

<PAGE>
                             MERRILL LYNCH MASTER SENIOR
                             FLOATING RATE FUND, INC.

                             By: /s/ JAIMIN PATEL
                                -----------------------------------------------
                             Name: JAIMIN PATEL
                                  ---------------------------------------------
                             Title: AUTHORIZED SIGNATORY
                                   --------------------------------------------

                             MASTER SENIOR FLOATING RATE TRUST

                             By: /s/ JAIMIN PATEL
                                ------------------------------------------------
                             Name: JAIMIN PATEL
                                  ----------------------------------------------
                             Title: AUTHORIZED SIGNATORY
                                   ---------------------------------------------<PAGE>

                                                                    Exhibit 10.2

================================================================================

                      ------------------------------------

                            ZIFF DAVIS HOLDINGS INC.

                            STOCK PURCHASE AGREEMENT

                      ------------------------------------

                             Dated as of May 2, 2001

================================================================================

<PAGE>

                                TABLE OF CONTENTS
                                -----------------
<TABLE>
<CAPTION>
                                                                            Page

<S>                                                                             <C>
1.      Authorization and Closing                                               1
        1A.      Authorization of the Preferred Stock ..........................1
        1B.      Purchase and Sale of the Stock ................................1
        1C.      The Closing ...................................................1

2.      Conditions of the Purchaser's Obligation at the Closing                 2
        2A.      Representations and Warranties; Covenants .....................2
        2B.      Amendment to the Restated Certificate of Incorporation ........2
        2C.      Joinder to the Investor Rights Agreement ......................2
        2D.      Securities Law Compliance .....................................2
        2E.      Closing Documents .............................................2
        2F.      Proceedings ...................................................3
        2G.      Compliance with Applicable Laws ...............................3
        2H.      Waiver ........................................................3

3.      Transfer of Restricted Securities                                       3
        3A.      General Provisions ............................................3
        3B.      Opinion Delivery ..............................................3
        3C.      Legend ........................................................3
        3D.      Legend Removal ................................................4

4.      Representations and Warranties of the Company                           4
        4A.      Organization, Corporate Power and Licenses ....................4
        4B.      Capital Stock and Related Matters .............................4
        4C.      Subsidiaries; Investments .....................................5
        4D.      Authorization; No Breach ......................................5
        4E.      Litigation, etc. ..............................................5
        4F.      Brokerage .....................................................6
        4G.      Governmental Consent, etc. ....................................6
        4H.      Investment Company ............................................6

5. Representations and Warranties of the Purchaser.                             6
        5A.      Purchaser's Investment Representations ........................6

6.  Definitions                                                                 7
        6A.      Definitions ...................................................7

7.  Miscellaneous                                                               9
        7A.      Expenses ......................................................9
        7B.      Subsequent Employee Agreements ................................9
        7C.      Indemnification ...............................................9
        7D.      Survival of Representations and Warranties ....................9
        7E.      Remedies ......................................................9
</TABLE>

                                       -i-

<PAGE>
<TABLE>

<S>                                                                            <C>
        7F.      Consent to Amendments .........................................10
        7G.      Successors and Assigns ........................................10
        7H.      Severability ..................................................10
        7I.      No Third Party Beneficiaries ..................................10
        7J.      Counterparts ..................................................10
        7K.      Descriptive Headings; Interpretation ..........................10
        7L.      Governing Law .................................................10
        7M.      Notices .......................................................11
        7N.      No Strict Construction ........................................11
</TABLE>

                                      -ii-

<PAGE>

Schedules and Exhibits
----------------------

List of Exhibits
List of Disclosure Schedules

                                      -iii-

<PAGE>

                            STOCK PURCHASE AGREEMENT

             THIS AGREEMENT (this "Agreement") is made as of May 2, 2001, by and
                                   ---------
among Ziff Davis Holdings Inc., a Delaware corporation (the "Company") and the
                                                             -------
purchasers listed on the attached Schedule of Purchasers (the "Purchasers").
                                  ----------------------       ----------
Except as otherwise indicated herein, capitalized terms used herein are defined
in Section 6 hereof.

WHEREAS, the Company is in need of $20 million of equity funding, and has
requested that the Purchasers provide such funding on an expedited basis.

WHEREAS, the parties hereto contemplate that the Company will require additional
equity funding in the future, and have agreed that the current equity investment
to be made by the Purchasers pursuant to this Agreement will be made on a bridge
basis, and that such investment will be converted into, or exchanged for, the
securities to be issued by the Company in connection with a larger equity
financing to be effected within the next several months.

WHEREAS, the Purchasers are willing to purchase an aggregate of $20 million of a
new class of preferred stock of the Company designated as Series A - 2 Preferred
Stock, $.01 par value per share, upon the terms and subject to the conditions
set forth in this Agreement.

             NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:

             Section 1. Authorization and Closing.
                        -------------------------

             11. Authorization of the Preferred Stock. The Company shall (prior
                 ------------------------------------
to Closing, as defined below) authorize the issuance and sale to the Purchasers
of 20,000 shares of its Series A-2 Preferred Stock, par value $.01 per share
(the "Preferred Stock"), having the rights and preferences set forth in the
      ---------------
Second Restated Certificate of Incorporation attached as Exhibit A hereto.
                                                         ---------

             12. Purchase and Sale of the Stock. On the basis of the
                 ------------------------------
representations, warranties, covenants and agreements set forth herein, but
subject to the terms and conditions set forth herein (including without
limitation the condition set forth in Section 1C below), at the Closing the
Company shall sell to the Purchasers and the Purchasers shall purchase from the
Company an aggregate of 20,000 shares of Preferred Stock for an aggregate
purchase price of $20,000,000, which shares of Preferred Stock shall be
purchased by the Purchasers in accordance with the Schedule of Purchasers
                                                   ----------------------
attached hereto.

             13. The Closing. The closing of the purchase and sale of the Stock
                 -----------
(the "Closing") shall take place at the offices of Kirkland & Ellis, 200 East
      -------
Randolph Drive, Chicago, IL 60601, at 10:00 a.m. on May 2, 2001, or at such
other place or on such other date as may be mutually agreeable to the Company
and the Purchasers. At the Closing, the Company shall deliver to the Purchasers
stock certificates evidencing the Stock to be purchased by each such Purchaser,
registered in the Purchaser's or its nominee's name, upon payment of the
purchase price thereof by

<PAGE>

wire transfer of immediately available funds in the aggregate amount referenced
in Section 1B above.

             Section 2. Conditions of the Purchasers' Obligation at the Closing.
                        -------------------------------------------------------
The obligations of the Purchasers to purchase and pay for the Preferred Stock at
the Closing is subject to the satisfaction as of the Closing of the following
conditions:

             21. Representations and Warranties; Covenants. The representations
                 -----------------------------------------
and warranties contained in Section 4 hereof shall be true and correct in all
material respects at and as of the Closing as though then made, except to the
extent of changes caused by the execution, delivery and performance of the
agreements expressly referred to in this Section 2, and the Company shall have
                                         ---------
performed in all material respects all of the covenants and agreements required
to be performed by it hereunder prior to or at the Closing.

             22. Second Amended and Restated Certificate of Incorporation. The
                 --------------------------------------------------------
Company's Restated Certificate of Incorporation shall have been amended and
restated to include the provisions set forth in Exhibit A hereto, shall be in
                                                ---------
full force and effect under the laws of Delaware as of the Closing as so amended
and shall not have been further amended or modified.

             23. Securities Law Compliance. The Company shall have made all
                 -------------------------
filings under all applicable federal and state securities laws necessary to
consummate the issuance of the Securities pursuant to this Agreement in
compliance with such laws.

             24. Closing Documents. The Company shall have delivered to the
                 -----------------
Purchaser all of the following documents:

                (i) an Officer's Certificate, dated the date of the Closing,
        stating that the conditions specified in Sections 2A and 2B, have been
        fully satisfied;

                (ii) certified copies of the resolutions duly adopted by the
        Company's board of directors authorizing the execution, delivery and
        performance of this Agreement, the filing of the Second Amended and
        Restated Certificate of Incorporation referred to in Section 2B, the
        issuance and sale of the Preferred Stock, and the consummation of all
        other transactions contemplated by this Agreement (the "Transactions");
                                                                ------------

                (iii) certified copies of the Company's Second Amended and
        Restated Certificate of Incorporation and Bylaws, each as in effect at
        the Closing;

                (iv) certificates evidencing the Preferred Stock, issued in the
        Purchasers' respective names; and

                (v) such other documents relating to the Transactions as the
        Purchasers or their special counsel may reasonably request.

             25. Proceedings. All corporate and other proceedings taken or
                 -----------
required to be taken by the Company in connection with the Transactions to be
consummated at or prior to the

                                       -2-

<PAGE>

Closing and all documents incident thereto shall be reasonably satisfactory in
form and substance to the Purchasers.

             26. Compliance with Applicable Laws. The purchase of the Securities
                 -------------------------------
by the Purchasers hereunder shall not be prohibited by any applicable law or
governmental rule or regulation.

             27. Waiver. Any condition specified in this Section 2 may be waived
                 ------
if consented to by the Purchasers.

             Section 3. Transfer of Restricted Securities.
                        ---------------------------------

             31. General Provisions. In addition to restrictions on transfer
                 ------------------
contained in the Investor Rights Agreement, shares of Restricted Stock are
transferable only pursuant to (i) Public Offerings registered under the
Securities Act, (ii) Rule 144 or Rule 144A of the Securities and Exchange
Commission (or any similar rule or rules then in force) if such rule is
available and (iii) subject to the conditions specified in Section 3B below, any
other legally available means of transfer.

             32. Opinion Delivery. In connection with the transfer of any shares
                 ----------------
of Restricted Stock (other than a transfer described in Section 3A(i) or (ii)
                                                        ------------      --
above), upon the request of the Company, the holder thereof shall deliver
written notice to the Company describing in reasonable detail the transfer or
proposed transfer, together with an opinion of Kirkland & Ellis or other counsel
which (to the Company's reasonable satisfaction) is knowledgeable in securities
law matters to the effect that such transfer of shares of Restricted Stock may
be effected without registration of such shares under the Securities Act. In
addition, if the holder of the shares of Restricted Stock delivers to the
Company an opinion of Kirkland & Ellis or such other counsel that no subsequent
transfer of such shares shall require registration under the Securities Act, the
Company shall promptly upon such contemplated transfer deliver new certificates
for such shares which do not bear the Securities Act legend set forth in Section
                                                                         -------
3C. If the Company is not required to deliver new certificates for such shares
--
not bearing such legend, the holder thereof shall not transfer the same until
the prospective transferee has confirmed to the Company in writing its agreement
to be bound by the conditions contained in this Section 3.
                                                ---------

             33. Legend. Each certificate representing shares of Restricted
                 ------
Stock shall be imprinted with a legend in substantially the following form:

         "The securities represented by this certificate were originally issued
         on May 2, 2001, and have not been registered under the Securities Act
         of 1933, as amended or any applicable state securities laws. The
         transfer of the securities represented by this certificate is subject
         to the conditions specified in a Stock Purchase Agreement dated as of
         May 2, 2001 and an Investor Rights Agreement, dated as of April 5, 2000
         as amended and modified from time to time, between the issuer (the
         "Company") and certain investors, and the Company reserves the right to
          -------
         refuse the transfer of such securities until such conditions have been
         fulfilled with respect to such transfer. A copy of such conditions
         shall be furnished by the Company to the holder hereof upon written
         request and without charge."

                                       -3-

<PAGE>

             34. Legend Removal. If any shares of Restricted Stock become
                 --------------
eligible for sale pursuant to Rule 144(k), the Company shall, upon the request
of the holder of such Restricted Securities, remove the legend set forth in
Section 3C from the certificates for such Restricted Securities.
----------

             Section 4. Representations and Warranties of the Company. As a
                        ---------------------------------------------
material inducement to the Purchasers to enter into this Agreement and purchase
the Preferred Stock hereunder, the Company hereby represents and warrants to
each Purchasers as of the date hereof as follows:

             41. Organization, Corporate Power and Licenses. The Company is a
                 ------------------------------------------
corporation duly organized, validly existing and in good standing under the laws
of Delaware and is qualified to do business in every jurisdiction in which the
failure to so qualify would reasonably be expected to have a material adverse
effect on the financial condition, operating results, assets, operations or
business prospects of the Company and its Subsidiaries taken as a whole. The
Company possesses all requisite corporate power and authority and all material
licenses, permits and authorizations necessary to own and operate its
properties, to carry on its businesses as now conducted and presently proposed
to be conducted and to carry out the transactions contemplated by this Agreement
(including, without limitation, the issuance of the Preferred Stock hereunder).
The copies of the Company's Second Amended and Restated Certificate of
Incorporation and Bylaws which have been furnished to the Purchasers reflect all
amendments made thereto at any time prior to the date of this Agreement and are
correct and complete.

             42. Capital Stock and Related Matters.
                 ---------------------------------

             (i) As of the Closing and immediately thereafter, the authorized
capital stock of the Company shall consist of (a) 100,000,000 shares of Common
Stock, of which 76,049,301.77 shares shall be issued and outstanding; (b)
350,000 shares of Series A-1 Preferred Stock, of which 337,582.50 shares shall
be issued and outstanding and (c) 95,000 shares of Series A-2 Preferred Stock,
of which 20,000 shares shall be issued and outstanding. The attached
Capitalization Schedule sets forth the ownership of the Company as of and
-----------------------
immediately after the Closing. As of the Closing, the Company shall not have
outstanding (or any commitments to issue) any stock or securities convertible or
exchangeable for any shares of its capital stock or containing any profit
participation features, nor shall it have outstanding any rights or options to
subscribe for or to purchase its capital stock or any stock or securities
convertible into or exchangeable for its capital stock or any stock appreciation
rights or phantom stock plans, except as set forth on the attached
Capitalization Schedule. As of the Closing, the Company shall not be subject to
-----------------------
any obligation (contingent or otherwise) to repurchase or otherwise acquire or
retire any shares of its capital stock or any warrants, options or other rights
to acquire its capital stock except pursuant to the Executive Stock Agreements
and the Investor Rights Agreement. All of the outstanding shares of the
Company's capital stock are, and as of the Closing shall be, validly issued,
fully paid and nonassessable.

             (ii) There are no statutory or, to the Company's actual knowledge,
contractual stockholders preemptive rights or rights of refusal with respect to
the issuance of the Preferred Stock hereunder or any other capital stock or
other securities of the Company, except as set forth in the Investor Rights
Agreement. Based upon the representations and warranties of the Purchasers set

                                       -4-

<PAGE>

forth herein, and to the Company's knowledge, the Company has not violated any
applicable federal or state securities laws in connection with the offer, sale
or issuance of any of its capital stock or other securities, and the offer, sale
and issuance of the Preferred Stock hereunder do not require registration under
the Securities Act or any applicable state securities laws. To the Company's
actual knowledge, there are no agreements between the Company's stockholders
with respect to the voting or transfer of the Company's capital stock or with
respect to any other aspect of the Company's affairs, except for the Investor
Rights Agreement and Executive Stock Agreements between the Company and certain
of its executives. The Company has not granted any registration rights other
than under the Investor Rights Agreement .

             43. Authorization; No Breach. The execution, delivery and
                 ------------------------
performance of this Agreement (including the issuance and delivery of the
Preferred Stock hereunder) and the Company's Second Amended and Restated
Certificate of Incorporation have been duly and validly authorized by the
Company's board of directors. This Agreement constitutes a valid and binding
obligation of the Company, enforceable in accordance with its terms. The
execution and delivery by the Company of this Agreement, the offering, sale and
issuance of the Preferred Stock hereunder and the fulfillment of and compliance
with the respective terms hereof and thereof by the Company, do not and shall
not (i) conflict with or result in a breach of the terms, conditions or
provisions of, (ii) constitute a default under, (iii) result in the creation of
any lien, security interest, charge or encumbrance upon the Company's capital
stock or assets pursuant to, (iv) give any third party the right to modify,
terminate or accelerate any obligation under, (v) result in a violation of, or
(vi) require any authorization, consent, approval, exemption or other action by
or notice or declaration to, or filing with, any court or administrative or
governmental body or agency or other Person pursuant to, the Second Amended and
Restated Certificate of Incorporation or Bylaws of the Company, or any law,
statute, rule or regulation to which the Company is subject, or any agreement,
instrument, order, judgment or decree to which the Company is subject.

             44. Litigation, etc. There are no actions, suits, proceedings,
                 ---------------
orders, investigations or claims pending or, to the Company's actual knowledge,
threatened against the Company or pending or threatened by the Company against
any third party, at law or in equity, or before or by any governmental
department, commission, board, bureau, agency or instrumentality (including any
actions, suits, proceedings or investigations with respect to the transactions
contemplated by this Agreement) or otherwise.

             45. Brokerage. There are no claims for brokerage commissions,
                 ---------
finders' fees or similar compensation in connection with the transactions
contemplated by this Agreement based on any arrangement or agreement binding
upon the Company.

             46. Governmental Consent, etc. To the actual knowledge of the
                 -------------------------
Company: (i) no permit, consent, approval or authorization of, or declaration to
or filing with, any governmental authority is required in connection with the
execution, delivery and performance by the Company of this Agreement, or the
consummation by the Company of the Transactions and (ii) no permit, consent,
approval or authorization of, or declaration to or filing with, any governmental
authority was required in connection with the formation of the Company, other
than filing with the Delaware Secretary of State.

                                       -5-

<PAGE>

             47. Investment Company. The Company is not an "investment company"
                 ------------------
as defined under the Investment Company Act of 1940, as amended.

             Section 5. Representations and Warranties of the Purchasers.
                        ------------------------------------------------

             51. Purchasers' Investment Representations. As a material
                 ----------------------------------------
inducement to the Company to enter into this Agreement and to sell the Preferred
Stock hereunder, each Purchaser represents and warrants, severally and not
jointly, to the Company as of the date hereof as follows:

                 (i) Such Purchaser is acquiring the Restricted Stock purchased
hereunder for its own account with the present intention of holding such
securities for purposes of investment, has no intention of selling such
securities in a public distribution in violation of the federal securities laws
or any applicable state securities laws, was not organized or reorganized for
the purpose of purchasing the Restricted Stock purchased hereunder, and conducts
other business or holds other investments; provided that nothing contained
herein shall prevent such Purchaser and subsequent holders of Restricted Stock
from transferring such securities in compliance with the provisions of Section 3
hereof and the Investor Rights Agreement.

                 (ii) Such Purchaser is an "accredited investor" (as defined)
under Regulation D under the Securities Act, is sophisticated in financial
matters and is able to evaluate the risks and benefits of the investment in the
Preferred Stock.

                 (iii) Such Purchaser is able to bear the economic risk of its
investment in the Preferred Stock for an indefinite period of time because the
Preferred Stock has not been registered under the Securities Act and, therefore,
cannot be sold unless subsequently registered under the 1933 Act or an exemption
from such registration is available.

                 (iv) Such Purchaser has had an opportunity to ask questions and
receive answers concerning the terms and conditions of the offering of the
Preferred Stock and has had full access to such other information concerning the
Company as it has requested.

                 (v)  This Agreement constitutes the legal, valid and binding
obligation of such Purchaser, enforceable in accordance with its terms, and the
execution, delivery and performance of this Agreement by such Purchaser does not
and shall not conflict with, violate or cause a breach of any agreement,
contract or instrument to which such Purchaser is a party or any judgment, order
or decree to which such Purchaser is subject.

                 (vi) Such Purchaser is a resident of the state indicated in its
address as set forth on the Schedule of Purchasers attached hereto.
                            ----------------------

                 Section 6. Definitions.
                            -----------

                 61. Definitions. For the purposes of this Agreement, the
                     -----------
following terms have the meanings set forth below:

                 "HSR Act" shall mean the Hart-Scott-Rodino Antitrust
                  -------
Improvements Act of 1976, as amended.

                                       -6-

<PAGE>

                 "Independent Third Party" means any Person who, immediately
                  -----------------------
prior to the contemplated transaction, does not own in excess of 5% of the
Company's Common Stock on a fully-diluted basis (a "5% Owner"), who is not
                                                    --------
controlling, controlled by or under common control with any such 5% Owner and
who is not the spouse or descendent (by birth or adoption) of any such 5% Owner
or a trust for the benefit of such 5% Owner and/or such other Persons.

                 "Investor Rights Agreement" means the that certain agreement
                  -------------------------
dated as of April 5, 2000, as amended, by and among the Company and its
stockholders.

                 "Officer's Certificate" means a certificate signed by the
                  ---------------------
Company's president or its chief financial officer, stating that (i) the officer
signing such certificate has made or has caused to be made such investigations
as are necessary in order to permit him to verify the accuracy of the
information set forth in such certificate and (ii) to the best of such officer's
actual knowledge, such certificate does not misstate any material fact and does
not omit to state any fact necessary to make the certificate not misleading.

                 "Person" means an individual, a partnership, a corporation, a
                  ---------------------------
limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

                 "Public Offering" means any offering of the Company's equity
                  ---------------
securities to the public pursuant to an effective registration statement under
the Securities Act, or any comparable statement under any similar federal
statute then in force.

                 "Restricted Stock" means (i) the Preferred Stock issued
                  -----------------------
hereunder, and (ii) any Preferred Stock issued with respect to the Preferred
Stock referred to in clause (i) above by way of a stock dividend or stock split
or in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization. As to any particular shares of Restricted
Stock, such shares shall cease to be Restricted Stock when they have (a) been
effectively registered under the Securities Act and disposed of in accordance
with the registration statement covering them, (b) been distributed to the
public through a broker, dealer or market maker pursuant to Rule 144 (or any
similar provision then in force) under the Securities Act or become eligible for
sale pursuant to Rule 144(k) (or any similar provision then in force) under the
Securities Act or (c) been otherwise transferred and new certificates for them
not bearing the Securities Act legend set forth in Section 3C have been
delivered by the Company. Whenever any particular securities cease to be
Restricted Stock, the holder thereof shall be entitled to receive from the
Company, without expense, new shares of like tenor not bearing a Securities Act
legend of the character set forth in Section 3C.

                 "Sale of the Company" means the sale of the Company to an
                  -------------------
Independent Third Party or group of Independent Third Parties pursuant to which
such party or parties acquire (i) capital stock of the Company possessing the
voting power under normal circumstances to elect a majority of the Board
(whether by merger, consolidation or sale or transfer of the Company's capital
stock) or (ii) all or substantially all of the Company's assets determined on a
consolidated basis.

                 "Securities Act" means the Securities Act of 1933, as amended,
                  --------------
or any similar federal law then in force.

                                       -7-

<PAGE>

                 "Securities and Exchange Commission" means the U.S. Securities
                  ----------------------------------
and Exchange Commission and includes any governmental body or agency succeeding
to the functions thereof.

                 "Securities Exchange Act" means the Securities Exchange Act of
                  ------------------------
1934, as amended, or any similar federal law then in force.

                 "Subsidiary" means, with respect to any Person, any
                  ----------
corporation, limited liability company, partnership, association or other
business entity of which (i) if a corporation, a majority of the total voting
power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof
is at the time owned or controlled, directly or indirectly, by that Person or
one or more of the other Subsidiaries of that Person or a combination thereof,
or (ii) if a limited liability company, partnership, association or other
business entity, a majority of the partnership or other similar ownership
interest thereof is at the time owned or controlled, directly or indirectly, by
any Person or one or more Subsidiaries of that Person or a combination thereof.
For purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association or
other business entity if such Person or Persons shall be allocated a majority of
limited liability company, partnership, association or other business entity
gains or losses or shall be or control any managing director or general partner
of such limited liability company, partnership, association or other business
entity.

                 Section 7. Miscellaneous.
                            -------------

                 71. Expenses. The Company shall pay to the Purchasers, and hold
                     --------
the Purchasers harmless against liability for the payment of, (i) the fees and
expenses of its special counsel arising in connection with the negotiation and
execution of this Agreement and the consummation of the transactions
contemplated by this Agreement, which shall be payable at the Closing or, if the
Closing does not occur, payable upon demand, (ii) the fees and expenses incurred
with respect to any amendments or waivers (whether or not the same become
effective) under or in respect of this Agreement, the agreements contemplated
hereby or the Second Amended and Restated Certificate of Incorporation, (iii)
the fees and expenses incurred with respect to the enforcement of the rights
granted under this Agreement, the agreements contemplated hereby and the Second
Amended and Restated Certificate of Incorporation, (iv) the reasonable fees and
expenses incurred by the Purchasers in connection with any transaction, claim or
event which WS believes affects the Company and as to which the Purchasers seeks
the advice of outside professionals, and (iv) the fees and expenses incurred by
the Purchasers in connection with a Sale of the Company.

                 72. Subsequent Employee Agreements. After the date hereof, any
                     ------------------------------
agreement entered into by the Company providing for the issuance to employees of
stock or other equity securities exercisable for or convertible into stock shall
contain repurchase provisions granting the Purchasers the right to repurchase
the employee stock to the extent not repurchased by the Company, on terms no
less favorable than are contained in the Executive Stock Agreements entered into
by the Company as of the date hereof; provided, however, that the requirement
                                      --------
contained herein can be waived in writing by the Purchasers.

                 73. Indemnification. The Company hereby covenants and agrees to
                     ---------------
indemnify and hold harmless the Purchasers, their respective officers,
directors, stockholders, affiliates,

                                       -8-

<PAGE>

successors, assigns, agents and other representatives, from and against any and
all damages, losses, claims, liabilities, deficiencies, costs and expenses
(including, without limitation, reasonable attorneys' fees), resulting from any
material breach of any of the representations, warranties or covenants of the
Company under this Agreement.

                 74. Survival of Representations and Warranties. All
                     ------------------------------------------
representations and warranties contained herein or made in writing by any party
in connection herewith shall survive the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby,
regardless of any investigation made by the Purchasers or on their behalf,
through the first anniversary of the Closing; provided, however, that the
                                              --------
representations and warranties contained in Section 4B, Section 4C and Section
                                            ----------  ----------     -------
4D hereof shall survive the Closing for the applicable statute of limitations,
--
giving effect to any waiver, mitigation or extension thereof.

                 75. Remedies. The Purchasers shall have all rights and remedies
                     --------
set forth in this Agreement, the Investor Rights Agreement, the Second Amended
and Restated Certificate of Incorporation and all rights and remedies which the
Purchasers have been granted at any time under any other agreement or contract
and all of the rights which the Purchasers have under any law. The Purchasers
shall be entitled to enforce such rights specifically (without posting a bond or
other security), to recover damages by reason of any breach of any provision of
this Agreement and to exercise all other rights granted by law.

                 76. Consent to Amendments. Except as otherwise expressly
                     ---------------------
provided herein, the provisions of this Agreement may be amended and the Company
may take any action herein prohibited, or omit to perform any act herein
required to be performed by it, only if the Company has obtained the written
consent of the Purchasers.

                 77. Successors and Assigns. Except as otherwise expressly
                     ----------------------
provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of
the respective successors and assigns of the parties hereto whether so expressed
or not. In addition, and whether or not any express assignment has been made,
the provisions of this Agreement which are for the Purchasers' benefit as a
purchaser or holder of any class of Preferred Stock are also for the benefit of,
and enforceable by, any subsequent holder of such Preferred Stock.

                 78. Severability. Whenever possible, each provision of this
                     ------------
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

                 79. No Third Party Beneficiaries. Nothing herein expressed or
                     ----------------------------
implied is intended or shall be construed to confer upon or give to any Person
other than the parties hereto and their respective permitted successors and
assigns, any rights or remedies under or by reason of this Agreement.

                                       -9-

<PAGE>

                 710. Counterparts. This Agreement may be executed
                      ------------
simultaneously in two or more counterparts, any one of which need not contain
the signatures of more than one party, but all such counterparts taken together
shall constitute one and the same Agreement.

                 711. Descriptive Headings; Interpretation. The descriptive
                      ------------------------------------
headings of this Agreement are inserted for convenience only and do not
constitute a substantive part of this Agreement. The use of the word "including"
in this Agreement shall be by way of example rather than by limitation.

                 712. Governing Law. All issues and questions concerning the
                      -------------
construction, validity, enforcement and interpretation of this Agreement and the
exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the State of Illinois, without giving effect to any choice of
law or conflict of law rules or provisions (whether of the State of Illinois or
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Illinois. In furtherance of the foregoing,
the internal law of the State of Illinois shall control the interpretation and
construction of this Agreement (and all schedules and exhibits hereto), even
though under that jurisdiction's choice of law or conflict of law analysis, the
substantive law of some other jurisdiction would ordinarily apply.

                 713. Notices. All notices, demands or other communications to
                      -------
be given or delivered under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given when delivered
personally to the recipient, sent to the recipient by reputable overnight
courier service (charges prepaid) or mailed to the recipient by certified or
registered mail, return receipt requested and postage prepaid. Such notices,
demands and other communications shall be sent to the Purchasers at the
addresses indicated on the Schedule of Purchasers attached hereto, to the
                           ----------------------
Company at the following address:

                  Ziff Davis Holdings Inc.
                  28 East 28th Street
                  New York, NY  10016
                  Attention:  Chief Executive Officer

                  with a copy to:

                  Kirkland & Ellis
                  200 East Randolph Drive
                  Chicago, IL 60601
                  Facsimile: (312) 861-2200

                  Attention:  John A. Weissenbach, Esq.

or to such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party.

                                       -10-

<PAGE>

                 714. No Strict Construction. The parties hereto have
                      ----------------------
participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the parties hereto, and no
presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this Agreement.

                 715. Right to Exchange Preferred Stock Upon Subsequent Equity
                      --------------------------------------------------------
Financing. If the Company engages in an equity financing within twelve months
---------
after the Closing pursuant to which the Purchasers or any of their affiliates
purchase equity securities of the Company, the Purchasers shall have the right
to exchange the Preferred Stock purchased hereunder (including any accrued and
unpaid dividends on such Preferred Stock) for the equity securities to be
purchased in such subsequent equity financing. For purposes of determining the
consideration attributable to the Preferred Stock in any such exchange, the
Preferred Stock shall be valued at its liquidation value plus all accrued and
unpaid dividends thereon through the effective date of the exchange.

                                *       *       *

                                       -11-

<PAGE>

                 IN WITNESS WHEREOF, the parties hereto have executed this
Agreement on the date first written above.

                               ZIFF DAVIS HOLDINGS INC.

                               By:      /s/ Thomas McGrade
                                     -------------------------------------------

                               Its:     Chief Operating Officer
                                     -------------------------------------------

                               WILLIS STEIN & PARTNERS III, L.P.
                               WILLIS STEIN & PARTNERS DUTCH III-A, L.P.
                               WILLIS STEIN & PARTNERS DUTCH III-B, L.P.
                               WILLIS STEIN & PARTNERS III-C, L.P.

                               By: Willis Stein & Partners Management III, L.P.

                               Its: General Partner

                               By:   Willis Stein & Partners Management III,
                                     L.L.C.

                               Its: General Partner

                               By:      /s/ Daniel Blumenthal
                                  ----------------------------------------------
                               Its:  Member

<PAGE>

                         LIST OF EXHIBITS AND SCHEDULES
                         ------------------------------

Exhibits
--------

Exhibit A     -   Second Amended and Restated of Certificate of Incorporation

Disclosure Schedules
--------------------

Capitalization Schedule

Schedule of Purchasers.
----------------------

<PAGE>

Capitalization Schedule
-----------------------

Outstanding Capital Stock As of Closing
---------------------------------------
<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------
                                                        No. of Shares of   No. of Shares of     No. of Shares of
                                                           Series A-1         Series A-2          Common Stock
                                                         Preferred Stock    Preferred Stock
--------------------------------------------------------------------------------------------------------------------
<S>                                                             <C>                                   <C>
Willis Stein & Partners II, L.P.                                89,288.12                             18,797,498.79
--------------------------------------------------------------------------------------------------------------------
Willis Stein & Partners Dutch, L.P.                              5,711.88                              1,202,501.21
--------------------------------------------------------------------------------------------------------------------
Abu Dhabi Investment Authority                                  14,250.00                              3,000,000.00
--------------------------------------------------------------------------------------------------------------------
The Chase Manhattan Bank as Trustee for First Plaza              9,500.00                              2,000,000.00
Group Trust
--------------------------------------------------------------------------------------------------------------------
Co-Investment Partners, L.P.                                    14,250.00                              3,000,000.00
--------------------------------------------------------------------------------------------------------------------
DLJ Diversified Partners, L.P.                                   1,749.34                                368,282.80
--------------------------------------------------------------------------------------------------------------------
DLJ Diversified Partners-A, L.P.                                   649.65                                136,767.60
--------------------------------------------------------------------------------------------------------------------
DLJ EAB Partners, L.P.                                             134.34                                 28,282.80
--------------------------------------------------------------------------------------------------------------------
DLJ ESC II L.P.                                                  5,642.42                              1,187,878.80
--------------------------------------------------------------------------------------------------------------------
DLJ First Esc L.P.                                                  57.58                                 12,121.20
--------------------------------------------------------------------------------------------------------------------
DLJ Merchant Banking Partners II-A, L.P.                         1,191.61                                250,865.40
--------------------------------------------------------------------------------------------------------------------
DLJ Merchant Banking Partners II, L.P.                          29,921.45                              6,299,252.40
--------------------------------------------------------------------------------------------------------------------
DLJ Millennium Partners, L.P.                                      483.80                                101,851.80
--------------------------------------------------------------------------------------------------------------------
DLJ Millennium Partners-A, L.P.                                     94.36                                 19,865.40
--------------------------------------------------------------------------------------------------------------------
DLJ Offshore Partners II, C.V.                                   1,471.38                                309,764.40
--------------------------------------------------------------------------------------------------------------------
DLJMB Funding II, Inc.                                           6,104.07                              1,285,067.40
--------------------------------------------------------------------------------------------------------------------
GS Private Equity Partners II, L.P.                              4,225.99                                889,682.00
--------------------------------------------------------------------------------------------------------------------
GS Private Equity Partners II Offshore, L.P.                     2,188.51                                460,739.80
--------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>
<TABLE>

--------------------------------------------------------------------------------------------------------------------
<S>                                                              <C>                                     <C>
GS Private Equity Partners II - Direct Investment                1,750.81                                368,591.80
Fund, L.P.
--------------------------------------------------------------------------------------------------------------------
GS Private Equity Partners III, L.P.                             4,429.43                                932,511.20
--------------------------------------------------------------------------------------------------------------------
GS Private Equity Partners III Offshore, L.P.                    1,032.61                                217,391.40
--------------------------------------------------------------------------------------------------------------------
GS Private Equity Partners Connecticut, L.P.                       622.65                                131,083.80
--------------------------------------------------------------------------------------------------------------------
NAS Partners I L.L.C.                                               54.98                                 11,575.00
--------------------------------------------------------------------------------------------------------------------
Nassau Capital Partners Fund III L.P.                            7,070.02                              1,488,425.00
--------------------------------------------------------------------------------------------------------------------
Norwest Equity Partners VII, L.P.                                7,125.00                              1,500,000.00
--------------------------------------------------------------------------------------------------------------------
James D. Dunning, Jr.                                            8,455.00                              4,146,000.00
--------------------------------------------------------------------------------------------------------------------
Thomas McGrade                                                     142.50                                522,916.67
--------------------------------------------------------------------------------------------------------------------
James Spanfeller                                                   475.00                                127,288.13
--------------------------------------------------------------------------------------------------------------------
Al Perlman                                                         285.00                                552,916.67
--------------------------------------------------------------------------------------------------------------------
Willis Stein & Partners III, L.P.                              118,750.00        18,613.3334          25,000,000.00
--------------------------------------------------------------------------------------------------------------------
Willis Stein & Partners Dutch III-A, L.P.                                           606.0606
--------------------------------------------------------------------------------------------------------------------
Willis Stein & Partners Dutch III-B, L.P.                                           606.0606
--------------------------------------------------------------------------------------------------------------------
Willis Stein & Partners III-C, L.P.                                                 174.5454
--------------------------------------------------------------------------------------------------------------------
Other Management Stockholders                                                                          1,353,721.98
--------------------------------------------------------------------------------------------------------------------
         Total Authorized Shares:                              350,000.00          95,000.00         100,000,000.00
--------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                             SCHEDULE OF PURCHASERS
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------

                            HOLDER                  NUMBER OF SHARES OF SERIES
                                                          A-2 PREFERRED
-----------------------------------------------------------------------------------
<S>                                                                     <C>
Willis Stein & Partners III, L.P.                                       8,613.3334
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
-----------------------------------------------------------------------------------
Willis Stein & Partners Dutch III-A, L.P.                                 606.0606
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
-----------------------------------------------------------------------------------
Willis Stein & Partners Dutch III-B, L.P.                                 606.0606
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
-----------------------------------------------------------------------------------
Willis Stein & Partners III-C, L.P.                                       174.5454
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
-----------------------------------------------------------------------------------
</TABLE>

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