Liberty Livewire Corporation Completes Acquisition of Livewire Network Services, LLC
SANTA MONICA, Calif., Sept. 6 /PRNewswire/ -- Liberty Livewire Corporation (Nasdaq: LWIRA - news) announced today that it has purchased, through its wholly-owned subsidiary, ANS Acquisition Sub, Inc., the 99% ownership interest of Ascent Entertainment Group, Inc. in Livewire Network Services, LLC, for a purchase price of $31,738,165.26. The purchase price consisted of $29,700,000 in cash, plus an additional return on that amount accrued at the annual rate of 10% from January 5, 2001, through September 6, 2001. Liberty Livewire is now the sole member of Livewire Network Services, LLC, having purchased a 1% ownership interest in January 2001.
About Liberty Livewire Corporation
Liberty Livewire Corporation provides a wide range of content preparation, management, and distribution services to worldwide clients in the feature film, television, and advertising industries. The Company also provides interactive television services. Liberty Livewire conducts business in five countries, including substantial operations in the entertainment centers of Los Angeles, New York, and London. Liberty Livewire is a majority-owned subsidiary of Liberty Media Corporation (NYSE: LMC.A - news, LMC.B - news), 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 that 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 |
