Metromedia International Group Engages ING Barings and Salomon Smith Barney Inc. as Financial Advisors in its Evaluation of Structural Alternatives
NEW YORK--(BUSINESS WIRE)--March 1, 2001--Metromedia International Group, Inc. (AMEX: MMG) announced today that it has engaged ING Barings and Salomon Smith Barney Inc. to advise the Company regarding its previously announced plan to explore structural alternatives. On November 8, 2000, Metromedia announced that its Board of Directors had authorized management to evaluate alternatives to separate its Snapper, Metromedia China and eastern European radio and cable businesses from its Russian and eastern European telephony assets. These alternatives might include sales of certain or all of these assets to third parties or the spin-off of certain or all of these assets as independent companies to MMG's stockholders.
"The extensive eastern European and financial experience of ING Barings and Salomon Smith Barney Inc. will greatly assist us in evaluating our options and completing any resulting transactions," said Stuart Subotnick, Vice Chairman, President and Chief Executive Officer of MMG.
"We believe that the separation of our various business lines will allow our stockholders to realize the full potential value of each business. We continue to believe that any transaction plans will be finalized by June of this year," Subotnick concluded.
MMG's Board has not approved any definitive transaction and any final action would remain subject to a number of conditions in addition to final Board approval, including, for certain transactions, obtaining the consent of MMG's banks and bondholders.
Metromedia International Group, Inc. is a global communications and media company. Through its wholly owned subsidiaries and its joint ventures, the Company owns and operates communications and media businesses in Central and Eastern Europe, the republics of the former Soviet Union and other markets. These include a variety of telephony businesses including cellular operators; providers of local, long distance and international services over fiber-optic and satellite-based networks, international toll calling and fixed wireless local loop; wireless and wired cable television networks and broadband networks; and FM radio stations. |
