I do know they'll want to bet.
NEWS RELEASE
7140 South Lewis Avenue
Tulsa, Oklahoma 74136-5422
(918) 488-4000
FOR IMMEDIATE RELEASE
September 28, 1998 Contact:
Pete Boylan or Craig Waggy
(918) 488-4000
United Video Acquires Interactive Horse Racing Venture- ODS / Television Games Network
Mark D. Wilson Named President & CEO
Tulsa, OK-United Video Satellite Group, Inc. (NASDAQ: "UVSGA") has acquired ODS Technologies, L.P. ("ODS") and its horse racing programming venture, Television Games Network ("TVG") for $30 million cash. TVG when launched will be a 24-hour horse racing television network featuring top-quality programming and integrated interactive wagering on races, where legal. TVG is scheduled for launch in the Spring of 1999. This investment increases UVSGA's ownership interest from the original 20% when it was formed in 1994.
As a result of a lengthy arbitration proceeding between UVSGA, and previous limited partners, Ventures in Communications, LLC ("VenCom") and general partner MAB Enterprises, L.P. ("MAB"). These parties and Mark Brenner are no longer partners in ODS as of the closing which occurred in late July.
In addition to acquiring ODS, UVSGA today announced the appointment of Mark D. Wilson as President and Chief Executive Officer of ODS and TVG. "The closing of this transaction marks the end of the ownership turmoil within ODS, as well as the start of a rapid and constructive process to bring horse racing into U.S. television households in a new and exciting way unlike anything the racing industry has ever seen before on television. We are very fortunate to have some outstanding track partners, and an affiliation with the NTRA. We truly look forward to working with all of the constituents within the horse racing and cable and satellite television industries, said UVSG president and chief operating officer, and ODS chairman, Peter C. Boylan, III.
"As a critical first and significant step, we are very pleased to have Mark Wilson join ODS as president and CEO. Mark's credentials, relationships, and reputation in the horse racing industry are uniquely suited to help us build a very successful television network that will truly take horse racing into the new millennium," said Boylan.
For the past six years, Wilson has served as president of R.D. Hubbard Enterprises, a real estate and investment entity with emphasis in sports and gaming. In that capacity, he has been responsible for all public policy development and operational aspects of the company, including its 1,000-member employee base. Wilson has also served a critical role in the recent organization of the National Thoroughbred Racing Association ("NTRA"); he served as Special Assistant to Commissioner Tim Smith, chairing NTRA's Legislative Task Force and participating in the formulation of the association's business plan.
Several prominent members of the horse racing industry commented on Wilson's appointment, as follows:
"In addition to the NTRA, the development of customer participation from the home is the most important initiative in racing's immediate future," added R.D. Hubbard, chairman of Hollywood Park. "From a personal and business perspective, I hate to see Mark leave Hubbard Enterprises, however I'm confident he will do great things for horse racing working with Pete Boylan at United Video. Mark simply gets things done."
NTRA Commissioner, Tim Smith, commented, "In working with Mark on the NTRA business plan, he became not only a valued colleague, but a trusted friend. He never loses focus that racing must succeed as a business for it to survive as a sport. The NTRA, TVG and UVSGA are fortunate to have Mark in his new post."
Tom Meeker, president of Churchill Downs, commented, "Churchill Downs has strongly supported the TVG concept from its inception, and we've had a long and productive relationship with Mark Wilson dating back to his days as general counsel for Churchill. We are very pleased that Mark has agreed to head this important effort."
D.G. Van Clief, CEO of Breeders Cup said, "Mark is the perfect guy for this position. He is a fair-minded, well respected colleague to all segments of the industry." Ogden M. Phipps, chairman of the Jockey Club said "I've been impressed with Mark since he started working with the NTRA. He's savvy and has a realistic grasp of the industry and how the interactive arena, where legal, will support it."
Important to UVSGA's acquisition of ODS, all existing and exclusive ODS Founders' Club Agreements with Calder Race Course, Churchill Downs, Hollywood Park, Gulfstream Park, Laurel Park, Lone Star Park, Pimlico, Santa Anita, Suffolk Downs, Turfway Park, Arlington International remain intact. In addition, ODS's formal alliance with the NTRA is maintained.
UVSGA is a 33 year old global diversified Media and Communications company headquartered in Tulsa, Oklahoma. UVSGA develops and sells well known products like TV Guide Magazine, Prevue Channel, and WGN to over 100 million subscribers along with other products and services to cable and satellite system operators, data communication networks, radio networks, and companies worldwide. UVSG companies include: Netlink International, Prevue Channel, Prevue International, Prevue Interactive, Prevue On-line, Sneak Prevue, Superstar Satellite Entertainment, SSDS, SpaceCom Systems, TV Guide Magazine, Televisions Games Network, Turner Vision, UVTV, United Video Network Sales, United Video Enterprise Solutions, and United Video Technology Ventures.
Television Games Network's web site can be found at www.televisiongames.com.
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