This paper explores the idea of perceived value of educational hypermedia by extending prior research in advertising and information systems. It proposes that the value of a course support site comes from both its information content and users' experience when they visit the site. The cognitive antecedents of a site's perceived value include perceived informativeness, perceived entertainment and perceived irritation. Through a field study using a course companion site and the subsequent data analysis via structural equation modeling (SEM), this study confirms that learners appreciate informative content in an entertaining format in accessing Internet-based course support. Findings of this study will help researchers and educators better understand the cognitive dimensions that enhance the perceived value of a learning technology.