Liberty Livewire to Acquire Triumph Communications Group
biz.yahoo.com
SANTA MONICA, Calif., June 28 /PRNewswire/ -- Liberty Livewire Corporation (Nasdaq: LWIRA - news) today announced that on June 21, 2000, it agreed to acquire the privately held Triumph Communications Group owned by founder Paul Dujardin in a combined stock and cash transaction valued at $29.4 million. The parties expect the transaction to close in July 2000, pending satisfaction of certain conditions.
Commenting on the announcement, Paul Dujardin, President of the Triumph Communications Group, stated: ``We look forward to joining the Livewire family. We believe that the portfolio of services which Livewire offers to customers in the television, feature film and advertising industries is quite impressive in its own right. Our blend of transmission services even further improves the set of options available to potential customers.''
David Beddow, Chief Executive Officer of Liberty Livewire added, ``The addition of Triumph Communications is a significant step in building our group of dynamic companies to service the post-production and distribution needs of a wide array of media clients including motion pictures, long form television and commercial advertising. Triumph's experience in the distribution of compressed digital video will play a vital role in enhancing Livewire's capability to offer large scale Internet hosting, IP distribution, including streaming, and caching through our venture with HyperTv using their extraordinary network capabilities. Liberty Livewire is a convergence company and will take a leadership roll in defining the on-screen convergence of traditional picture and sound with the interactivity of the Internet.''
About Triumph Communications
The Triumph Communications Group designs, engineers and implements video transmission services for a range of clients including cable networks, broadcasters, news, sports, informercials, and corporate organizations. Services provided by the Triumph Communications Group include fiber optic, satellite, compression system, encoding and encryption services and IRD sales and authorization.
About Liberty Livewire Corporation
Liberty Livewire Corporation provides a wide range of traditional audio and video post-production, transmission, library services, Internet hosting, and audio/video distribution services via satellite and fiber to worldwide clients in the feature film, television and advertising industries. The company also provides interactive television service under the brand name HyperTv with Livewire. The company has facilities in Los Angeles, New York, Atlanta, London, San Francisco, Singapore, Madrid and Barcelona. The company has offices in New York, London, and Los Angeles. Liberty Livewire is a subsidiary of Liberty Media Group (NYSE: LMG.A - news, LMG.B - news).
About Liberty Media Group
Liberty Media holds interests in a broad range of video programming, communications, technology and Internet businesses in the United States, Europe, South America and Asia.
This press release contains forward-looking statements which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as ``intends,'' ``believes'' and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE: Liberty Livewire Corporation |
