GMST--Gemstar International Group Limited and TV Guide, Inc. Reiterate That Merger Process Is on Track
PR NEWSWIRE - April 12, 2000 17:04
PASADENA, Calif. and TULSA, Okla., Apr 12, 2000 /PRNewswire via COMTEX/ -- Gemstar International Group Limited (Nasdaq: GMST) and TV Guide, Inc. (Nasdaq: TVGIA) reiterated today that their merger process is on track, and that the previously estimated time of closing in second quarter this year remains unchanged.
"We have been working with the Justice Department to provide them with the requested information, and we have received no indications that our previously estimated time of closing in the second quarter this year needs to be revised," said Henry Yuen, Chairman and CEO of Gemstar.
"Although we don't comment on rumors as a matter of policy, we felt compelled to set the record straight that the concerns expressed over our merger are totally unfounded, and that we are not aware of any other reasons accounting for the activities in our stocks," said Peter C. Boylan III, President and COO, TV Guide, Inc.
Gemstar develops, markets and licenses proprietary technologies and systems aimed at making technology user-friendly for consumers.
Gemstar's technology and intellectual property are licensed to major companies in the consumer-electronics, satellite, cable and personal-computer industries, including Aiwa, Akai, America Online (AOL), Americast, Cox, Daewoo, Funai, GTE, Hitachi, Hughes Network Systems, JVC, LG Electronics (Goldstar), Matsushita (Panasonic, Quasar), Microsoft Corp., Mitsubishi, Orion, Philips (Magnavox, Philips), Quadravision, Samsung, Sharp, Shintom, Sony, Southern New England Telephone, Thomson Multimedia (GE, Proscan, RCA, Thomson), Toshiba, Uniden, US West and Zenith.
Gemstar has more than 90 issued U.S. patents in the general area of audiovisual technologies with more than 1,875 claims, and more than 90 issued foreign patents. The company continues to pursue a worldwide patent- prosecution program and has more than 120 pending U.S. patent applications and more than 320 pending foreign patent applications.
Gemstar is a leading provider of electronic program-guide services, which allow a user to view a television program guide on-screen, obtain details about a show, sort shows by themes or categories, and select shows for tuning or recording, all through the remote control.
In the United States, data for Gemstar's electronic program-guide services are carried on the ABC, FOX, CBS, NBC, UPN and PBS networks. Gemstar's electronic program guide has been built into a number of models of new televisions, VCRs and TV/VCR combination units.
Gemstar's electronic program guide is also licensed to cable, telco and MMDS service providers, and has been integrated into direct broadcast satellite receivers, digital and advanced analog cable set-top boxes, PCTV and other Internet devices and computer operating systems such as Windows 98.
Gemstar's VCR Plus+(R) instant programming system is a world standard for VCR programming. The VCR Plus+ system allows a user to record a television show simply by entering a number -- the PlusCode(R) number -- printed in television-program guides. The PlusCode numbers are published by more than 1,800 newspapers and television-program guides worldwide, with a combined circulation of more than 330 million.
The VCR Plus+ system has been licensed to virtually every major television and VCR manufacturer and is now available in 40 countries and on six continents, including the United States, Canada, the United Kingdom, continental Europe, Japan, Southeast Asia, Australia, New Zealand, South America and South Africa.
TV Guide is a global diversified media and communications company that operates four primary business units: TV Guide Television Group, TV Guide Interactive Group, TV Guide Magazine Group, and United Video Group. TV Guide markets and distributes products in the United States to over 100 million cable and satellite homes every week. TV Guide also markets its products internationally in 45 countries. TV Guide magazine and TV Guide Channel are the largest print and electronic guidance products in the world. TV Guide has unparalleled consumer reach with the following products and cable/satellite services:
-- TV Guide magazine - 11 million circulation - 34.4 million weekly readers -- TV Guide Channel - 54 million subscribers (1) - 27 million weekly viewers -- TV Guide Interactive - 40 million homes passed - 3.2 million subscribers -- TV Guide Online - 82.2 million page views/month - >2.8 million unique users per month -- The Cable Guide - 4 million subscribers - 8.7 million weekly readers -- Sneak Prevue - 34 million subscribers -- WGN - 47 million subscribers -- KTLA - 3 million subscribers -- WPIX - 3.6 million subscribers -- Denver 6 Services - 3 million subscribers
(1) Nielsen Media Research Universe Estimate 11/99
TV Guide operates several other business units including:
Superstar/Netlink Group, LLC - SpaceCom Systems - Television Games Network - SSDS - TV Guide Media Sales - TV Guide Affiliate Sales - TV Guide Enterprise Solutions - TV Guide International - TV Guide Distribution, Inc. - Infomedia SA Luxembourg.
On Oct. 4, 1999, TV Guide, Inc. and Gemstar International Group Limited announced that they have entered into a definitive merger agreement under which TV Guide, Inc. will become a wholly owned subsidiary of Gemstar.
For up to date information about TV Guide companies, please access our Internet home page at www.tvguideinc.com. TV Guide trades on the NASDAQ stock market under the symbol TVGIA.
Except for historical information contained here, the matters discussed in this news release contain forward-looking statements that involve risks and uncertainties, including the timely availability and acceptance of new products, the impact of competitive products and pricing, the management of growth, and the other risks detailed from time to time in the company's Securities and Exchange Commission reports, including the reports on Form 10-K and Form 10-Q.
Note to Editors: GUIDE Plus+, VCR Plus+ and PlusCode are trademarks of Gemstar. Other product names used herein are for identification purposes only and may be trademarks of their respective companies.
SOURCE TV Guide, Inc. and Gemstar International Group Limited
(C) 2000 PR Newswire. All rights reserved.
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CONTACT: Pete Boylan or Craig Waggy, both of TV Guide, Inc., 918-488-4000; or Henry Yuen or Elsie Leung, both of Gemstar International Group Limited, 626-792-5700 /Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 914041
KEYWORD: Oklahoma
California
INDUSTRY KEYWORD: ENT
SUBJECT CODE: TNM
URL: tvguideinc.com
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