Shop At Home Completes Sale Of Houston Station
BUSINESS WIRE - March 20, 2001 18:59
NASHVILLE, Tenn., Mar 20, 2001 (BUSINESS WIRE) -- Shop At Home, Inc. (Nasdaq:SATH), an electronic commerce leader in both the broadcast and Internet channels, today announced that it has completed the previously announced sale of its Houston television station, KZJL, Channel 61, to Liberman Broadcasting, Inc. for $57 million in cash. In addition to the cash received, Shop At Home has retained 50% of the station's valuable Channel 59-69 rights.
Kent Lillie, Shop At Home's president and CEO, said, "I am pleased the Houston station sale has successfully met all regulatory approvals and customary closing conditions in a smooth and timely manner. Following the close of the transaction, the Shop At Home Network will continue to be carried full-time for some period of months on KZJL through a time purchase agreement, and between midnight and six a.m. for the foreseeable future."
"In addition, Shop At Home can currently be viewed in over 61 million unique cable and direct broadcast satellite households, which equate to nearly 27 million Full Time Equivalent Households (FTE's). This coverage represents an increase of over 900,000 total households and 2 million FTE's reached since the beginning of our current fiscal year." |
