EXHIBIT 99.2
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[LOGO OF iMagic TV]

                   iMagicTV EXPANDS COST REDUCTION INITIATIVE
                     TO SUSTAIN STRONG FINANCIAL POSITION

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               CASH OF $52 MILLION AVAILABLE TO FUND OPERATIONS

SAINT JOHN, NEW BRUNSWICK, CANADA - (Nov. 14, 2001) - iMagicTV (Nasdaq: IMTV and
TSE: IMT) today announced that it is adjusting its pace of investment because of
the difficult economic environment that has developed in the telecommunications
sector.  The Company's decision includes an expanded effort to reduce costs,
with an immediate reduction of 80 employees across all areas of its global
workforce, to protect its strong cash position.  iMagicTV's balance sheet as of
August 31, 2001 included working capital of $52.6 million with $51.9 million in
cash and equivalents.

     The Company indicated that these actions are expected to result in
annualized cost savings of approximately $10 million, a 40% reduction compared
to the total of operating expenses over the past four quarters. Management
anticipates these measures will result in a special charge of approximately
$1.2-$1.4 million before taxes. The majority of the charge is expected to be
reflected in iMagicTV's third fiscal quarter that ends this month.

     Marcel LeBrun, president and chief executive officer, remarked, "In light
of the current telecom environment, we must take difficult - but decisive -
actions.  We believe these moves are imperative to adjust to the economic
slowdown that is causing service providers to wrestle with the timing of making
capital investments necessary to provide broadband entertainment services to
their customers.

     "We are pleased with the increasing number of telcos that are conducting
market trials of our software products.  We continue to believe that the
iMagicTV system offers a commercially deployed, proven solution to generate
incremental revenue and achieve an attractive return on investment.  We remain
strongly committed to success in the broadband television market and plan to
capitalize fully on the competitive advantage that our strong, liquid financial
position provides.  We believe that these actions will allow us to achieve our
strategic objectives while substantially reducing costs and assuring customers
and shareholders that iMagicTV has the resources to sustain its leadership
position through this downturn in telecom spending.

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About iMagicTV

     iMagicTV provides software products and related services that enable
telephone companies and other service providers to deliver multi-channel digital
television and interactive media services to their subscribers over a broadband
network infrastructure. iMagicTV's software can be deployed over high-speed
broadband networks including ADSL, VDSL, wireless, Ethernet and Fiber to the
Home (FTTH) technologies.

     Incorporated in 1997, iMagicTV maintains its global headquarters in Saint
John, New Brunswick, Canada, its European headquarters in Cambridge, UK and its
Asia Pacific headquarters in Singapore. The Company also has offices located
throughout the United States.  For more information, visit www.imagictv.com.
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     Cautionary Note Regarding Forward-looking Statements Under the Private
Securities Litigation Reform Act of 1995: Information in this release that
involves iMagicTV's projections, expectations, beliefs, hopes, plans, intentions
or strategies regarding the future are forward-looking statements that involve
risks and uncertainties. These statements include statements about iMagicTV's
strategies in the marketplace, its market position and its relationship with
customers. All forward-looking statements included in this release are based
upon information available to iMagicTV as of the date of the release, and we
assume no obligation to update any such forward-looking statement. These
statements are not guarantees of future performance and actual results could
differ materially from our current expectations. These and other factors are
risks associated with our business that may affect our operating results, which
are discussed in the Company's filings with the Securities and Exchange
Commission (SEC).


Investor Relations and Media Contact:
Marcel LeBrun or Marjean Henderson
ImagicTV Inc.

Address:    One Brunswick Square, 14th Floor
            Saint John, New Brunswick, Canada
Telephone:  (800) 660-0333

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