Liberty Livewire Corporation to Acquire Group W Network Services From Viacom
SANTA MONICA, Calif., Oct. 23 /PRNewswire/ -- Liberty Livewire Corporation (Nasdaq: LWIRA - news) announced today that it has agreed to acquire from Viacom Inc. (NYSE: VIA; VIA.B) the U.S. and Singapore based operations of Viacom's Group W Network Services business unit (``GWNS'') in a transaction valued at approximately $112.0 million. The purchase price will consist of $95 million in cash and the assumption of approximately $17 million in debt, net of cash. Under the terms of the transaction, Liberty Livewire Corporation will acquire GWNS' channel origination, studio production and post-production and satellite transmission facilities located in Connecticut, Minnesota and Singapore. The parties anticipate the transaction to close in the first quarter of 2001, subject to the receipt of required regulatory approvals and other consents.
Commenting on the transaction, David P. Beddow, Chief Executive Officer of Liberty Livewire, stated, ``Group W Network Services provides excellent technical facilities and distribution services for a distinguished client base of broadcasters in both North America and Asia. The addition of GWNS to the Liberty Livewire group further expands our ability to prepare and deliver content via fiber and satellite for broadcast and Internet transmission. GWNS' state-of-the-art operations are an excellent complement to our existing capabilities in both the New York area and Singapore and will play an important role in our convergence strategy.''
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 locations in Los Angeles, New York, Atlanta, London, San Francisco, Singapore, and Barcelona. Liberty Livewire is a subsidiary of Liberty Media Group (NYSE: LMG.A; LMG.B), which 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 |
