Document:

EXHIBIT 4.7

         INVESTMENT AGREEMENT dated as of April 28, 2000, (as amended,
supplemented or otherwise modified from time to time, this "Agreement"), among
Transmedia Network Inc., a Delaware corporation (the "Company"), and each of the
investors listed on the signature pages hereto (each individually, an
"Investor," and collectively, the "Investors").

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

         WHEREAS, pursuant to that certain Stock Purchase and Sale Agreement,
dated as of April 28, 2000 (the "Purchase Agreement"), among the Company and the
Investors, the Company will, upon the Closing (as defined in the Purchase
Agreement), issue and sell to the Investors an aggregate of 657,536 newly issued
shares (collectively, the "Shares") of Common Stock and warrants (collectively,
the "Warrants") to purchase an additional 1,315,072 shares (collectively, the
"Warrant Shares") of Common Stock;

         WHEREAS, the Company, the Investors and Samstock have entered into a
Co-Sale and Voting Agreement, dated as of April 28, 2000 (the "Co-Sale and
Voting Agreement"); and

         WHEREAS, the Company and each of the Investors are entering into this
Agreement, with the approval of at least a majority of Disinterested Directors
(as defined herein), to establish certain arrangements with respect to the
relationships between them.

         NOW, THEREFORE, intending to be legally bound, the parties hereto agree
as follows:

                                    ARTICLE I
                                   DEFINITIONS

         As used in this Agreement, the following terms shall have the following
meanings:

         1.1 The terms "beneficial ownership," "person" and "group" shall have
the respective meanings ascribed to such terms pursuant to Regulation 13D-G
adopted by the Securities and Exchange Commission (the "SEC") under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), as in effect
on the date hereof. The term "affiliate" shall have the meaning ascribed to such
term pursuant to Rule 12b-2 under the Exchange Act, as in effect on the date
hereof.

         1.2 The "Combined Voting Power" at any measurement date shall mean the
total number of votes which could have been cast in an election of directors of
the Company had a meeting of the stockholders of the Company been duly held
based upon a record date as of the measurement date if all Company Voting
Securities then outstanding, including for such purpose all Warrant Shares
issuable upon the exercise of Warrants then held by any Investor, and entitled
to vote at such meeting were present and voted to the fullest extent possible at
such meeting.

         1.3 "Company Voting Securities" shall mean, collectively, Common Stock,
Series A Preferred Stock, any other preferred stock of the Company that is
entitled to vote generally for

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the election of directors, any other class or series of Company securities that
is entitled to vote generally for the election of directors and any other
securities, warrants, options or rights of any nature (whether or not issued by
the Company) that are convertible into, exchangeable for, or exercisable for the
purchase of, or otherwise give the holder thereof any rights in respect of,
Common Stock, Series A Preferred Stock, any other Company preferred stock that
is entitled to vote generally for the election of directors, or any other class
or series of Company securities that is entitled to vote generally for the
election of directors.

         1.4 "Disinterested Director" means Independent Directors who are
"disinterested directors" as that term is used in Section 144 of the Delaware
General Corporate Law.

         1.5 "Effective Date" means the Closing Date, as defined in the Purchase
Agreement.

         1.6 "Independent Director" means directors of the Company who (i) are
not current or former employees or officers of the Company, (ii) are not 5% or
greater stockholders of the Company, and (iii) have no financial interest in and
are not otherwise associated with any of the Investors, the Company, any
subsidiary of the Company or any of their respective affiliates, excluding,
however, any equity interest of not more than 2% of any publicly-held entity.
The term "associated" means having a business, financial or familial
relationship that might reasonably be expected to affect the individual's
judgment with respect to matters in which the Investors might be interested.

         1.7 "Management Investors" means (i) the Investors, (ii) any officer,
manager, partner or member of any Investor, (iii) any affiliate of any Investor,
(iv) any affiliate of any officer, manager, partner or member of any Investor
under control of, or common control with, any such officer, manager, partner or
member, (v) any family members of any Investor and (vi) any trusts established
for the benefit of any family members any Investor.

         1.8 "Samstock" means Samstock, L.L.C., a Delaware limited liability
company.

         1.9 "Series A Preferred Stock" means the Series A Senior Convertible
Redeemable Preferred Stock, par value $.10 per share, of the Company.

                                   ARTICLE II
                         REPRESENTATIONS AND WARRANTIES

         2.1 Each of the Investors severally, but not jointly, represent and
warrant to the Company with respect to itself or himself as follows:

         (a) Each Investor, as applicable, is duly organized, validly existing
and in good standing under the laws of the jurisdiction in which it is
organized. Each Investor, as applicable, has the requisite power and authority
to enter into this Agreement and perform its, his or her obligations hereunder.

         (b) This Agreement has been duly authorized, executed and delivered by
each Investor and constitutes the legal, valid and binding agreement of each
Investor, enforceable

<PAGE>

against each of them in accordance with the terms hereof.

         (c) Neither the execution and delivery of this Agreement nor the
performance by each Investor of its, his or her obligations hereunder will
conflict with, or result in a breach of, or constitute a default under, any law,
rule, regulation, judgment, order or decree of any court, arbitrator or
governmental agency or instrumentality, or any agreement or instrument to which
such Investor or their respective properties are bound or by which they are
affected, or any organizational documents of such Investor.

         (d) Except as set forth on Schedule 2.1(d) hereto, as of the date
hereof, no shares of Common Stock (other than the Shares and the Warrant Shares)
were beneficially owned the Investors.

         2.2 The Company represents and warrants to the Investors as follows:

         (a) The Company is a validly existing corporation under the laws of the
jurisdiction of its organization and has the corporate power and authority to
enter into this Agreement and perform its obligations hereunder.

         (b) This Agreement has been duly authorized, executed and delivered by
the Company and constitutes the legal, valid and binding agreement of the
Company, enforceable against the Company in accordance with the terms hereof.

         (c) Neither the execution and delivery of this Agreement nor the
performance of its obligations hereunder will conflict with, or result in a
breach of, or constitute a default under, any law, rule, regulation, judgment,
order or decree of any court, arbitrator or governmental agency or
instrumentality, or any agreement or instrument to which the Company is bound or
by which it is affected or any charter documents of the Company.

         (d) The execution, delivery and performance of this Agreement by the
Company have been duly and validly authorized by the Board of Directors of the
Company (the "Board") and have been approved by a majority of the Disinterested
Directors of the Company, and no other corporate proceedings on the part of the
Company are necessary to authorize the execution, delivery and performance of
this Agreement by the Company.

                                   ARTICLE III
                               REGISTRATION RIGHTS

         3.1 Definitions. For purposes of this Article III:

         (a) The term "register," "registered" and "registration" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act of 1933, as amended (the "Act").

         (b) The term "Registrable Securities" means shares of Common Stock,
including the Warrant Shares, from time to time, held by any Management
Investor.

<PAGE>

         (c) The term "Holder" means (i) the Investors and (ii) any Permitted
Assignee who is a party hereto or who executes and delivers to the Company a
joinder agreement, agreeing to be legally bound by this Article III.

         (d) The term "Rule 415 Offering" means an offering on a delayed or
continuous basis pursuant to Rule 415 (or any successor rule to similar effect)
promulgated under the Act.

         (e) The term "Shelf Registration Statement" means a registration
statement intended to effect a shelf registration in connection with a Rule 415
Offering.

         3.2 Shelf Registration. As soon as practicable after the Effective
Date, the Company shall prepare and file with the SEC a Shelf Registration
Statement (which shall include pledgees of any selling stockholder under the
caption "plan of distribution" contained in such Shelf Registration Statement)
with respect to all Shares and Warrant Shares and use its reasonable efforts to
cause such Shelf Registration Statement to become effective and keep such
registration statement effective until such time as all Shares and Warrant
Shares have been sold or disposed of thereunder or sold, transferred or
otherwise disposed of (other than pursuant to a pledge of such Registrable
Securities) to a person that is not a Holder or, with respect to any Warrant
Shares for which the Warrant has not been exercised prior to its expiration,
until such time as the Warrant has expired.

         3.3 Additional Obligations of the Company. Whenever the Company has
filed a Shelf Registration Statement under this Article III, the Company shall,
as expeditiously as reasonably possible:

         (a) Prepare and file with the SEC such amendments and supplements to
such Shelf Registration Statement and the prospectus used in connection
therewith as may be necessary to comply with the provisions of the Act with
respect to the disposition of all securities covered thereby.

         (b) Furnish to the Holders such numbers of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Act, and such other documents as they may reasonably request in order to
facilitate the disposition of Registrable Securities covered by such Shelf
Registration Statement owned by them.

         (c) Use its best efforts to register and qualify the securities covered
by such Shelf Registration Statement under such other securities or Blue Sky
laws of such states or other jurisdictions as shall be reasonably requested by
the Holders, provided that the Company shall not be required to qualify to do
business or to file a general consent to service of process in any such states
or jurisdictions where it is not so subject.

         (d) Notify each Holder of Registrable Securities covered by such Shelf
Registration Statement at any time when a prospectus relating thereto is
required to be delivered under the Act of the happening of any event as a result
of which the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state a

<PAGE>

material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing, and then
use its best efforts to promptly correct such statement or omission.
Notwithstanding the foregoing and anything to the contrary set forth in this
Section 3.3, each Holder acknowledges that the Company shall have the right to
suspend the use of the prospectus forming a part of a Shelf Registration
Statement if such offering would interfere with a pending corporate transaction
or for other reasons until such time as an amendment to the Shelf Registration
Statement has been filed by the Company and declared effective by the SEC, or
until such time as the Company has filed an appropriate report with the SEC
pursuant to the Exchange Act. Each Holder hereby covenants that it will (a) keep
any such notice strictly confidential, and (b) not sell any shares of Common
Stock pursuant to such prospectus during the period commencing at the time at
which the Company gives the Holder notice of the suspension of the use of such
prospectus and ending at the time the Company gives the Holder notice that it
may thereafter effect sales pursuant to such prospectus.

         3.4 Furnish Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Article III with
respect to the Registrable Securities of any selling Holder that such Holder
shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities
as shall be required to effect the registration of such Holder's Registrable
Securities and as may be required from time to time to keep such registration
current.

         3.5 Expenses of Shelf Registration. All expenses incurred by or on
behalf of the Company in connection with registrations, filings or
qualifications pursuant to Section 3.2, including, without limitation, all
registration, filing and qualification fees, printers' and accounting fees, and
fees and disbursements of counsel for the Company, shall be borne by the
Company. In no event shall the Company be obligated to bear any underwriting
discounts or commissions or brokerage fees or commissions relating to
Registrable Securities or the fees and expenses of counsel to the selling
Holders.

         3.6 Indemnification. In the event any Registrable Securities are
included in a Shelf Registration Statement under this Article III:

         (a) To the extent permitted by law, the Company will indemnify and hold
harmless each Holder and the affiliates of such Holder, and their respective
directors, officers, general and limited partners, agents and representatives
(and the directors, officers, affiliates and controlling persons thereof), and
each other person, if any, who controls such Holder within the meaning of the
Act, against any losses, claims, damages, or liabilities (joint or several) to
which they may become subject under the Act, the Exchange Act or other federal
or state law, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any of the following
statements, omissions or violations (collectively a "Violation"): (i) any untrue
statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus (but only if such
statement is not corrected in the final prospectus) contained therein or any
amendments or supplements thereto, (ii) the omission or alleged omission to
state therein a material fact required to be stated therein, or necessary to
make the statements therein not misleading (but only if such omission is not
corrected in the final prospectus), or (iii) any violation or alleged violation
by the Company in connection with the

<PAGE>

registration of Registrable Securities under the Act, the Exchange Act, any
state securities law or any rule or regulation promulgated under the Act, the
Exchange Act or any state securities law; and the Company will pay to each such
Holder, affiliate or controlling person, as incurred, any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however,
that the indemnity agreement contained in this Section 3.6(a) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably withheld), nor shall the Company be liable in any such
case for any such loss, claim, damage, liability or action to the extent that it
arises out of or is based upon a Violation which occurs in reliance upon and in
conformity with written information furnished expressly for use in connection
with such registration by any such Holder or controlling person. Each
indemnified party shall furnish such information regarding itself or the claim
in question as an indemnifying party may reasonably request in writing and as
shall be reasonably required in connection with defense of such claim and
litigation resulting therefrom.

         (b) To the extent permitted by law, each selling Holder will indemnify
and hold harmless the Company, each of its directors, each of its officers who
has signed the registration statement, each person, if any, who controls the
Company within the meaning of the Act, any underwriter, any other Holder selling
securities in such registration statement and any controlling person of any such
underwriter or other Holder, against any losses, claims, damages or liabilities
(joint or several) to which any of the foregoing persons may become subject,
under the Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages or liabilities (or actions in respect thereto) arise out
of or are based upon any Violation, in each case to the extent (and only to the
extent) that such Violation occurs in reliance upon and in conformity with
written information furnished by such Holder expressly for use in connection
with such registration; and each such Holder will pay, as incurred, any legal or
other expenses reasonably incurred by any person intended to be indemnified
pursuant to this Section 3.6(b) in connection with investigating or defending
any such loss, claim, damage, liability or action; provided, however, that the
indemnity agreement contained in this Section 3.6(b) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of such Holder, which consent shall
not be unreasonably withheld; provided, that, in no event shall any indemnity
under this Section 3.6(b) exceed the gross proceeds from the offering received
by such Holder.

         (c) Promptly after receipt by an indemnified party under this Section
3.6 of notice of the commencement of any action (including any governmental
action), such indemnified party will, if a claim in respect thereof is to be
made against any indemnifying party under this Section 3.6, deliver to the
indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties. The failure to deliver written notice to the
indemnifying party within a reasonable time after the commencement of any such
action, if materially prejudicial to its ability to defend such action, shall
relieve such indemnifying party of any liability to the indemnified party under
this Section 3.6 to the extent of such prejudice, but the omission so to deliver
written notice to the indemnifying party will not relieve it of any

<PAGE>

liability that it may have to any indemnified party otherwise than under this
Section 3.6. The indemnified party shall have the right, but not the obligation,
to participate in the defense of any action referred to above through counsel of
its own choosing and shall have the right, but not the obligation, to assert any
and all separate defenses, cross claims or counterclaims which it may have, and
the fees and expenses of such counsel shall be at the expense of such
indemnified party unless (i) the employment of such counsel has been
specifically authorized in advance by the indemnifying party, (ii) there is a
conflict of interest that prevents counsel for the indemnifying party from
adequately representing the interests of the indemnified party or there are
defenses available to the indemnified party that are different from, or
additional to, the defenses that are available to the indemnifying party, (iii)
the indemnifying party does not employ counsel that is reasonably satisfactory
to the indemnified party within a reasonable period of time, or (iv) the
indemnifying party fails to assume the defense or does not reasonably contest
such action in good faith, in which case, if the indemnified party notifies the
indemnifying party that it elects to employ separate counsel, the indemnifying
party shall not have the right to assume the defense of such action on behalf of
the indemnified party and the reasonable fees and expenses of such separate
counsel shall be borne by the indemnifying party; provided, however, that, the
indemnifying party shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the reasonable fees and
expenses of more than one separate firm (in addition to one firm acting as local
counsel) for all indemnified parties.

         (d) The obligations of the Company and the holders under this Section
3.6 shall survive the completion of any offering of Registrable Securities in a
Shelf Registration Statement under this Article III.

         (e) Notwithstanding the foregoing, to the extent that the provisions on
indemnification and contribution contained in the underwriting agreement (if
any) entered into in connection with any underwritten public offering of the
Registrable Securities are in conflict with the foregoing provisions, the
provisions in such underwriting agreement shall control.

         3.7 Reports Under the Exchange Act. With a view to making available to
the holders the benefits of Rule 144 and any other rule or regulation of the SEC
that may at any time permit a Holder to sell securities of the Company to the
public without registration or pursuant to a registration on Form S-3, the
Company agrees to:

         (a) use its best efforts to make and keep public information available,
as those terms are understood and defined in Rule 144;

         (b) use its best efforts to file with the SEC in a timely manner all
reports and other documents required under the Act and the Exchange Act; and

         (c) furnish to any Holder forthwith upon request (i) a written
statement by the Company as to its compliance with the reporting requirements of
Rule 144, or as to whether it qualifies as a registrant whose securities may be
resold pursuant to Form S-3, (ii) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the
Company, and (iii) such other information (and the Company shall take such
action) as may be reasonably requested in availing any Holder of any rule or
regulation of the SEC which

<PAGE>

permits the selling of any such securities without registration or pursuant to
such form.

         3.8 No Assignment of Registration Rights. The rights to cause the
Company to register Registrable Securities pursuant to this Article III may only
be assigned by a Holder to a transferee or assignee of any Registrable
Securities if (i) such transferee or assignee is a Management Contracting Party
(as defined in Section 4.3 herein) and (ii) immediately following such transfer
the further disposition of such securities by the transferee or assignee is
restricted under the Act.

         3.9 Waiver Procedures. The observance by the Company of any provision
of this Article III may be waived (either generally or in a particular instance
and either retroactively or prospectively) with the written consent of the
Holders of a majority of the Registrable Securities, and any waiver effected in
accordance with this paragraph shall be binding upon each Holder of Registrable
Securities.

         3.10 "Market Stand-off" Agreement. Any Holder of Registrable
Securities, if requested by an underwriter of any registered public offering of
Company securities being sold in a firm commitment underwriting, agrees not to
sell or otherwise transfer or dispose of any Common Stock (or other Company
Voting Securities) held by such Holder other than shares of Registrable
Securities included in the registration during the seven days prior to, and
during a period of up to 180 days following, the effective date of the
registration statement. Such agreement shall be in writing in a form reasonably
satisfactory to the Company and such underwriter. The Company may impose
stop-transfer instructions with respect to the securities subject to the
foregoing restriction until the end of the required stand-off period.

         3.11 Listing of Shares. The Company shall use its commercially
reasonable efforts to cause (i) the Shares and (ii) upon exercise of the
Warrant, the Warrant Shares, to be listed on the New York Stock Exchange as soon
as practicable.

                                   ARTICLE VI
                                  MISCELLANEOUS

         4.1 Term of Agreement; Certain Provisions Regarding Termination. Unless
this Agreement specifically provides for earlier or later termination with
respect to any particular right or obligation, this Agreement shall terminate if
the Management Investors shall, at any time, sell or otherwise dispose of or
otherwise cease to own Company Voting Securities such that the Management
Investors beneficially own in the aggregate Company Voting Securities
representing less than 5% of the Combined Voting Power of all Company Voting
Securities (including the Shares and, to the extent the Warrant has not been
exercised or has not expired, the Warrant Shares).

         4.2 Legend and Stop Transfer Order. To assist in effectuating the
provisions of this Agreement, each of the Investors hereby consents to the
placement, in connection with the transactions contemplated by the Purchase
Agreement or otherwise within 10 business days after any Company Voting
Securities become subject to the provisions of this Agreement, of the applicable
legend specified below on all certificates representing ownership of Company
Voting

<PAGE>

Securities owned of record or beneficially by any Management Investors, until
such shares are sold, transferred or disposed in a manner permitted hereby to a
person who is not then a Management Investor. The Company agrees to remove
promptly all legends and stop transfer orders with respect to the transfer of
Company Voting Securities being made to a person who is not then a Management
Investor in compliance with the provisions of this Agreement.

         Certificates representing any Shares or Warrant Shares held by any
Investor shall contain a legend, in substantially the following form:

                  "The securities evidenced by this certificate have not been
         registered under the Securities Act of 1933, as amended (the "Act"), or
         applicable state securities laws and may not be sold, transferred,
         assigned, offered, pledged or otherwise disposed of unless (i) there is
         an effective registration statement under such Act and such laws
         covering such securities or (ii) such sale, transfer, assignment,
         offer, pledge or other disposition is exempt from the registration and
         prospectus delivery requirements of such Act and such laws. The
         securities evidenced by this certificate are subject to the
         restrictions on transfer contained in the Investment Agreement dated as
         of April 28, 2000, and the Co-Sale and Voting Agreement dated as of
         April 28, 2000, in each case, to which the Company is a party, as
         amended, supplemented or otherwise modified from time to time, and may
         not be transferred except in compliance therewith."

         4.3 Additional Management Investor Parties. All of the liabilities and
obligations under this Agreement of Management Investors shall be several but
not joint. Notwithstanding anything to the contrary in this Agreement, no
natural person or entity that is not a signatory party to this Agreement shall
have any liability or obligation under this Agreement, except as otherwise
provided in Section 4.11 of this Agreement. Each Management Investor that shall
become or have the right to become the beneficial owner of Company Voting
Securities shall, promptly upon becoming such owner or holder, execute and
deliver to the Company a joinder agreement, agreeing to be legally bound by this
Agreement to the same extent as if it had signed this Agreement as an original
signatory as a Management Investor (each such Management Investor, a "Management
Contracting Party"); provided that failure to execute such an agreement shall
not excuse such member's non-compliance with any provision of this Agreement. No
Management Investor shall transfer securities to another Management Investor
unless the transferee shall agree to be bound by this Agreement in the manner
specified above in this Section 4.3.

         4.4 Notices. All notices, and other communications hereunder shall be
in writing and shall be deemed given if delivered personally, sent by documented
overnight delivery service or, to the extent receipt is confirmed, facsimile, to
the appropriate address or facsimile number set forth below (or at such other
address or facsimile number for a party as shall be specified by like notice):

                           if to any Investor, at their respective addresses
                           set forth on the signature pages hereto.

<PAGE>

                           with an additional copy to:

                           _________________________________
                           _________________________________
                           _________________________________

                           if to the Company:

                           Transmedia Network Inc.
                           11900 Biscayne Boulevard
                           Miami, Florida  33181
                           Attention:  Chief Executive Officer
                           Fax: (305) 892-3342

                           with a copy to:

                           Morgan, Lewis & Bockius LLP
                           101 Park Avenue
                           New York, New York  10178
                           Attention:  Stephen P. Farrell, Esq.
                           Fax:  (212) 309-6273

         4.5 Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid, void
or unenforceable, the remainder of the terms, provisions, covenants and
restrictions shall remain in full force and effect and shall in no way be
affected, impaired or invalidated. The parties hereto agree that they will use
their best efforts at all times to support and defend this Agreement.

         4.6 Amendments. This Agreement may be amended only by an agreement in
writing signed by each of the parties hereto; provided, however, that any
amendment executed by the Company must prior thereto be approved by a majority
of the Disinterested Directors then in office.

         4.7 Governing Law. This Agreement shall be governed and controlled as
to validity, enforcement, interpretation, construction, effect and in all other
respects by the internal laws of the State of Delaware applicable to contracts
made in that State.

         4.8 Descriptive Headings. Descriptive headings are for convenience only
and shall not control or affect the meaning or construction of any provision of
this Agreement.

         4.9 Counterparts; Facsimile Signatures. This Agreement shall become
binding when one or more counterparts hereof, individually or taken together,
bears the signatures of each of the parties hereto. This Agreement may be
executed in any number of counterparts, each of which shall be an original as
against the party whose signature appears thereon, or on whose behalf such
counterpart is executed, but all of which taken together shall be one and the
same

<PAGE>

agreement. A facsimile copy of a signature of a party to this Agreement or any
such counterpart shall be fully effective as if an original signature.

         4.10 Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the successors and assigns of the
parties hereto.

         4.11 Assignments. Except to the extent provided in Section 3.8 herein,
this Agreement may not be assigned without the prior written consent of each
party hereto, and any attempt to effect an assignment hereof without such
consent shall be void.

<PAGE>

         IN WITNESS WHEREOF, each of the Investors and the Company have executed
this Investment Agreement as of the date first above written.

                                          INVESTORS:

                                          ______________________________________
                                          GENE M. HENDERSON
                                          Address:______________________________
                                          ______________________________________
                                          ______________________________________

                                          ______________________________________
                                          HERBERT M. GARDNER
                                          Address:______________________________
                                          ______________________________________
                                          ______________________________________

                                          ______________________________________
                                          JAMES M. CALLAGHAN
                                          Address:______________________________
                                          ______________________________________
                                          ______________________________________

                                          ______________________________________
                                          GREGORY J. ROBITAILLE
                                          Address:______________________________
                                          ______________________________________
                                          ______________________________________

                                          ______________________________________
                                          JOHN A. WARD
                                          Address:______________________________
                                          ______________________________________
                                          ______________________________________

                                          ______________________________________
                                          GEORGE S. WEIDEMANN
                                          Address:______________________________
                                          ______________________________________
                                          ______________________________________

<PAGE>

                                          ______________________________________
                                          CHRISTINE M. DONOHOO
                                          Address:______________________________
                                          ______________________________________
                                          ______________________________________

                                          ______________________________________
                                          FRANK F. SCHMEYER
                                          Address:______________________________
                                          ______________________________________
                                          ______________________________________

                                          ______________________________________
                                          ELLIOT MERBERG
                                          Address:______________________________
                                          ______________________________________
                                          ______________________________________

                                          ______________________________________
                                          GERALD FLEISCHMAN
                                          Address:______________________________
                                          ______________________________________
                                          ______________________________________

                                          ______________________________________
                                          TIM LITLE
                                          Address:______________________________
                                          ______________________________________
                                          ______________________________________

<PAGE>

                                          COMPANY:

                                          TRANSMEDIA NETWORK INC.

                                          ______________________________________
                                          By: Gene M. Henderson, President and
                                                   Chief Executive OfficerEXHIBIT 4.8

                          CO-SALE AND VOTING AGREEMENT

         This CO-SALE AND VOTING AGREEMENT ("Agreement") is dated as of April
28, 2000, by and among Transmedia Network Inc., a Delaware corporation (the
"Company"), Samstock, L.L.C., a Delaware limited liability company ("Samstock"),
and each of the investors listed on the signature pages hereto (collectively,
the "New Investors"). Capitalized terms used and not otherwise defined in this
Agreement have the meanings ascribed to them in Section 4 hereof.

                                 R E C I T A L S

         WHEREAS, reference is hereby made to: (i) that certain Stock Purchase
and Sale Agreement, dated as of April 28, 2000, (the "Purchase Agreement") among
the Company and the New Investors, pursuant to which the New Investors agreed to
purchase from the Company, and the Company has agreed to sell to the New
Investors, (a) an aggregate of 657,536 newly issued shares of common stock of
the Company, par value $.02 per share (the "Common Stock"), and (b) warrants to
purchase an additional 1,315,072 shares of Common Stock in the aggregate; and
(ii) that certain Investment Agreement, dated as of even date herewith, among
the Company and the New Investors other than Samstock (the "Investment
Agreement"). Capitalized terms used and not defined in this Agreement shall have
the meanings ascribed to them in the Investment Agreement.

         WHEREAS, the parties desire to establish certain rights and
restrictions related to the transfer of Shares.

                                A G R E E M E N T

         NOW, THEREFORE, in consideration of the foregoing, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

         Section 1. Co-Sale Rights. In the event that Samstock enters into an
agreement to sell to any independent third party or group of independent third
parties, in a single transaction or related series of transactions, other than a
Public Sale, such number of Shares as equals or exceeds more than ten percent
(10%) of the Shares held by Samstock, Samstock shall first notify the New
Investors in writing, of the identity of the proposed purchaser(s), the number
of Shares proposed to be sold, the proposed purchase price and terms of sale and
an estimate of the Transaction Costs (as defined below) (which estimate shall
not be binding on Samstock and shall have no effect on Samstock's or the New
Investors' rights or obligations under this Section 1). The New Investors
thereupon shall have the right to participate in the proposed sale at the same
net price per share and other terms of sale as offered to Samstock; provided,
however, that the New Investors' right to participate in the proposed sale shall
be subordinate to the rights of (A) the Stockholder (as such term is defined in
each of (i) the Amended and Restated Agreement Among Stockholders (the
"Agreement Among Stockholders") dated as of March 3, 1998, by and

<PAGE>

among Samstock, EGI-Transmedia Investors, L.L.C., a Delaware limited liability
company (formerly known as Transmedia Investors, L.L.C., "TNI"), Stockholder and
the Company, and (ii) the Stockholders' Agreement ("Stockholders' Agreement")
dated as of March 3, 1998, by and among Samstock, TNI, Stockholder and the
Company) and (B) the investors (the "Minotaur Investors") named in that certain
Co-Sale and Voting Agreement (the "Minotaur Co-Sale and Voting Agreement") dated
as of April 28, 2000, by and among the Company, Samstock, Minotaur Partners II,
L.P., an Illinois limited partnership, Dominic Mangone and Raymond Bank), to
participate in the proposed sale. In order to exercise its co-sale rights, the
New Investors, within ten (10) business days after receiving notice from
Samstock, shall deliver to Samstock a written election to participate in the
sale to the extent allowed by this Section 1. If the New Investors have elected
to participate in the proposed sale, the New Investors shall be entitled to sell
in the proposed sale a number of Shares equal to the product of (i) the quotient
(the "Co-Sale Fraction") determined by dividing the number of Shares owned by
the New Investors by the aggregate number of Shares owned by the New Investors
and Samstock multiplied by (ii) (a) the total number of Shares to be sold by
them in the proposed sale less (b) the total number of Shares that Stockholder
and/or the Minotaur Investors shall have elected to sell pursuant to the co-sale
rights granted to Stockholder in each of the Agreement Among Stockholders, the
Stockholders' Agreement and the Minotaur Co-Sale and Voting Agreement.
Notwithstanding anything to the contrary in this Section 1, the sale proceeds to
which the New Investors would otherwise be entitled by reason of its
participation in a sale pursuant to this Section 1 shall be reduced by an amount
equal to the product of the New Investors' Co-Sale Fraction multiplied by the
sum of any costs, fees and expenses, including, without limitation, attorneys',
accountants' and investment bankers' fees and expenses (collectively,
"Transaction Costs"), incurred by Samstock in connection with the sale or the
exercise of the New Investors' rights under this Section 1. The New Investors
shall, as promptly as practicable and as a condition to its participation, enter
into such agreements as shall be reasonably requested by Samstock for the sale
of its Shares in the proposed sale.

         Section 2. Drag-Along Rights. If Samstock owns more Company Voting
Securities than the New Investors and Samstock enters into an agreement
(including an agreement in principle) to sell all of its Shares to any purchaser
or group of purchasers (other than any Permitted Assignees or the New
Investors), in a single arms-length transaction or related series of arms-length
transactions with an independent third party or group of independent third
parties, Samstock may require that the New Investors sell all of their Shares to
such purchaser or group of purchasers at a net price and on terms and conditions
the same as those on which Samstock has agreed to sell its Shares; provided,
however, that, notwithstanding the foregoing, prior to the first anniversary of
this Agreement, Samstock shall not be entitled to require the New Investors to
sell their Shares if the contemplated transaction would result in an internal
rate of return for the New Investors on their initial investment of less than
25% unless Samstock makes a cash payment to the New Investors in such amount as
to provide the New Investors with an internal rate of return on their initial
investment of 25%. Samstock shall give prompt notice to the New Investors that
Samstock has entered into an agreement of the type described in this Section 2,
and the New Investors shall, as promptly as practicable, enter into such
agreements as shall reasonably be requested by Samstock for the sale of all the
Shares in the proposed sale. Notwithstanding anything to the contrary in this
Section 2, the sale proceeds to which the New Investors would otherwise be
entitled by reason of its participation in a sale pursuant to this Section 2
shall be reduced by an amount equal to the product of (i) the percentage of
Shares to be sold in the proposed sale owned by the New Investors, multiplied by
(ii) the sum of any costs, fees and expenses, including, without limitation,
attorneys', accountants' and investment

<PAGE>

bankers' fees and expenses, incurred by Samstock in connection with the sale or
the exercise of Samstock's rights under this Section 2.

         Section 3. Stockholder Proposal. Samstock shall vote all Company Voting
Securities owned of record by Samstock or with respect to which Samstock has
voting control in favor of the Proxy Proposal (as defined in the Purchase
Agreement).

         Section 4. Certain Definitions.

         "Affiliate" means, with respect to a specified Person, any Person that
directly or indirectly controls, is controlled by, or is under common control
with, the specified Person; "control" means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by
contract or otherwise.

         "Permitted Assignee" means:

                  (i) with respect to the Transfer of Shares by Samstock, any
         Affiliate of Samstock or any stockholder, partner or member of any such
         Affiliate; and

                  (ii) with respect to any Transfer of Shares by any New
         Investor, any Management Investor.

         "Person" means an individual, a corporation, a partnership, a limited
liability company, a joint venture, an association, a joint-stock company, a
trust, a business trust, a government or any agency or any political
subdivision, any unincorporated organization or any other entity.

         "Public Sale" means a bona fide sale of Shares either in "broker's
transactions" within the meaning of Section 4(4) of the Securities Act of 1933,
as amended, or in transactions directly with a "market maker" as that term is
defined in Section 3(a)(38) of the Securities Exchange Act of 1934, as amended.

         "Shares" means all shares of Company Voting Securities, whether now
owned or hereafter acquired.

         "Transfer" means any voluntary or involuntary, direct or indirect,
transfer, sale, assignment, donation, pledge, hypothecation, issuance, grant of
a security interest in or other disposition or attempted disposition of Shares
or any right or interest whatsoever therein, including, without limitation, by
operation of law or otherwise, whether with or without consideration or value,
and whether for cash, other securities or other property and specifically
including any share for share or similar exchange; provided, however, that:

                  (i) any pledge or hypothecation of or grant of security
         interest in Shares by any New Investor which is either approved by
         Samstock in writing prior to the pledge, hypothecation or grant of
         security interest or is effected by Samstock or any Affiliate of
         Samstock shall not constitute a "Transfer" of Shares for any purpose
         under this Agreement; and

<PAGE>

                  (ii) any Transfer effected as a result of a New Investor's
         death, pursuant to the laws of descent and distribution, by operation
         of law or otherwise, to such New Investor's spouse, children,
         grandchildren, parents, siblings, in-laws, nieces and/or nephews or a
         trust established for any of their benefit, shall not constitute a
         "Transfer" of Shares for any purpose under this Agreement, provided
         each transferee of Shares executes a counterpart to this Agreement,
         whereupon such transferee shall hold such Shares subject to all of the
         provisions of this Agreement, as if the transferor were the holder of
         Shares held by the transferee.

         Section 5. Notices. All notices, and other communications hereunder
shall be in writing and shall be deemed given if delivered personally, sent by
documented overnight delivery service or, to the extent receipt is confirmed,
facsimile, to the appropriate address or facsimile number set forth below (or at
such other address or facsimile number for a party as shall be specified by like
notice):

                           if to Samstock:

                           Equity Group Investments, L.L.C.
                           Two N. Riverside Plaza - Suite 600
                           Chicago, IL  60606
                           Attention:  Rod Dammeyer
                           Fax: (312) 454-0610

                           with an additional copy to:

                           Equity Group Investments, L.L.C.
                           Two N. Riverside Plaza - Suite 600
                           Chicago, IL  60606
                           Attention:  Joseph M. Paolucci, Esq.
                                       Vice President, Deputy General Counsel
                           Fax: (312) 454-0335

                           if to any Investor, at their respective addresses
                           set forth on the signature pages hereto.

                           with an additional copy to:

                           ________________________________
                           ________________________________
                           ________________________________

                           if to the Company:

                           Transmedia Network Inc.
                           11900 Biscayne Boulevard
                           Miami, Florida  33181
                           Attention:  Chief Executive Officer

<PAGE>

                           Fax: (305) 892-3342

                           with a copy to:

                           Morgan, Lewis & Bockius LLP
                           101 Park Avenue
                           New York, New York  10178
                           Attention:  Stephen P. Farrell, Esq.
                           Fax:  (212) 309-6273

         Section 6. Termination. This Agreement shall terminate and its
provisions shall be of no further force and effect if (i) the Management
Investors shall, at any time, cease to own in the aggregate Company Voting
Securities representing at least five percent (5%) of all Company Voting
Securities outstanding or (ii) contemporaneously with the termination of the
Purchase Agreement in accordance with Section 7.1 thereof.

         Section 7. Remedies. Any party having rights under this Agreement may
enforce such rights specifically to recover damages caused by reason of any
breach of any provision of this Agreement and to exercise all other rights
granted by law. The parties agree and acknowledge that money damages may not be
an adequate remedy for any breach of the provisions of this Agreement and,
accordingly, in addition to all other remedies available to any party, such
party may in its sole discretion apply to any court of law or equity of
competent jurisdiction for specific performance and/or injunctive relief in
order to enforce, or prevent any violation of, the provisions of this Agreement.

         Section 8. Entire Agreement. This Agreement, together with the Purchase
Agreement and the Investment Agreement, constitutes the entire agreement between
the parties with respect to the subject matter hereof and shall be binding upon
and inure to the benefit of the parties hereto and their respective legal
representatives, successors and permitted assigns. Any amendments, or
alternative or supplementary provisions to this Agreement must be made in
writing and duly executed by an authorized representative or agent of each of
the parties hereto. Except as contemplated by this Agreement, no Person who is
not an original party to this Agreement may become a party hereto without the
written consent of each of the parties hereto.

         Section 9. Non-Waiver. The failure in any one or more instances of a
party to insist upon performance of any of the terms, covenants or conditions of
this Agreement, to exercise any right or privilege in this Agreement conferred,
or the waiver by said party of any breach of any of the terms, covenants or
conditions of this Agreement, shall not be construed as a subsequent waiver of
any such terms, covenants, conditions, rights or privileges, but the same shall
continue and remain in full force and effect as if no such forbearance or waiver
had occurred. No waiver shall be effective unless it is in writing and signed by
an authorized representative of the waiving party. A breach of any
representation, warranty or covenant shall not be affected by the fact that a
more general or more specific representation, warranty or covenant was not also
breached.

         Section 10. Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed to be an original, and all such
counterparts shall constitute but one instrument.

<PAGE>

         Section 11. Severability. The invalidity of any provision of this
Agreement or portion of a provision shall not affect the validity of any other
provision of this Agreement or the remaining portion of the applicable
provision.

         Section 12. Applicable Law. This Agreement shall be governed and
controlled as to validity, enforcement, interpretation, construction, effect and
in all other respects by the internal laws of the State of Delaware applicable
to contracts made in that State.

         Section 13. Binding Effect; Benefit, Non-circumvention. This Agreement
shall inure to the benefit of and be binding upon the parties hereto, and their
successors and permitted assigns. Nothing in this Agreement, express or implied,
is intended to confer on any person other than the parties hereto, and their
respective successors and permitted assigns any rights, remedies, obligations or
liabilities under or by reason of this Agreement. No New Investor shall take any
action, alone or in concert with any other person, to circumvent any of the
provisions of this Agreement.

         Section 14. Assignability. This Agreement shall not be assignable by
any party without the prior written consent of each of the other parties;
provided, however, that, notwithstanding the foregoing, any Investor may assign
its or their rights and obligations hereunder to any Permitted Assignee, upon
the receipt by the Company of the agreement in writing of any such Permitted
Assignee to be bound by the terms this Agreement.

         Section 15. Headings. The headings contained in this Agreement are for
convenience of reference only and shall not affect the meaning or interpretation
of this Agreement.

         Section 16. Joint Action by the New Investors. For purposes of Sections
1 and 2 of this Agreement, each of the New Investors and any of their Permitted
Transferees shall act through a single representative; provided that each of the
foregoing shall be entitled to individually determine whether it will exercise
its rights under Section 1 hereof. Such representative shall initially be
______________________________, and such representative may be replaced upon
notice to the Company by agreement of the New Investors and any of their
Permitted Transferees.

<PAGE>

                  IN WITNESS WHEREOF, the undersigned have executed this Co-Sale
and Voting Agreement as of the day and year first above written.

                                   THE PURCHASERS:

                                   _____________________________________________
                                   GENE M. HENDERSON
                                   Address:_____________________________________
                                   _____________________________________________
                                   _____________________________________________

                                   _____________________________________________
                                   HERBERT M. GARDNER
                                   Address:_____________________________________
                                   _____________________________________________
                                   _____________________________________________

                                   _____________________________________________
                                   JAMES M. CALLAGHAN
                                   Address:_____________________________________
                                   _____________________________________________
                                   _____________________________________________

                                   _____________________________________________
                                   GREGORY J. ROBITAILLE
                                   Address:_____________________________________
                                   _____________________________________________
                                   _____________________________________________

                                   _____________________________________________
                                   JOHN A. WARD
                                   Address:_____________________________________
                                   _____________________________________________
                                   _____________________________________________

                                   _____________________________________________
                                   GEORGE S. WEIDEMANN
                                   Address:_____________________________________
                                   _____________________________________________
                                   _____________________________________________

<PAGE>

                                   _____________________________________________
                                   CHRISTINE M. DONOHOO
                                   Address:_____________________________________
                                   _____________________________________________
                                   _____________________________________________

                                   _____________________________________________
                                   FRANK F. SCHMEYER
                                   Address:_____________________________________
                                   _____________________________________________
                                   _____________________________________________

                                   _____________________________________________
                                   ELLIOT MERBERG
                                   Address:_____________________________________
                                   _____________________________________________
                                   _____________________________________________

                                   _____________________________________________
                                   GERALD FLEISCHMAN
                                   Address:_____________________________________
                                   _____________________________________________
                                   _____________________________________________

                                   _____________________________________________
                                   TIM LITLE
                                   Address:_____________________________________
                                   _____________________________________________
                                   _____________________________________________

<PAGE>

                                   COMPANY:

                                   TRANSMEDIA NETWORK INC.

                                   _____________________________________________
                                   By:  Gene M. Henderson, President and
                                              Chief Executive Officer

                                   SAMSTOCK, L.L.C.

                                   _____________________________________________
                                   By:
                                   Its:

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