New Today: Liberty Media is investing more in ACTV (ticker IATV)
Liberty Media Increases Investment in ACTV, Inc.,
Strengthening Key Partnership
NEW YORK and ENGLEWOOD, Colo.--(BUSINESS WIRE)--April 13, 1999-- Liberty Media Group (NYSE:LMG.A - news, LMG.B - news) and ACTV, Inc., (NASDAQ:IATV - news) today announced an agreement in principle whereby Liberty will invest an additional $9 million in ACTV, Inc., by exercising previously existing options and purchasing additional
common stock. In addition, Liberty will receive new options in ACTV, Inc., which it may exercise over a period of one-to-five years. If these options are fully exercised, Liberty's investment in ACTV, Inc., will total more than $100 million, representing an estimated 25 percent interest in the company.
As previously announced, Liberty Media has made a proposal to TCI Music, Inc. (NASDAQ:TUNE - news, TUNEP - news) pursuant to which Liberty would contribute substantially all of its directly owned Internet and interactive television assets to TCI Music in exchange for newly issued shares of TCI Music's Series B common stock. The assets proposed to be contributed to TCI Music, which would change its name to Liberty Digital, Inc., would include Liberty's holdings of ACTV's securities.
ACTV is a leader in interactive digital television with its proprietary ''Individualized Television'' programming capabilities, and a pioneer in TV-Internet convergence with its patented HyperTV(TM) software application. In addition to Liberty's initial strategic investment of $5 million in September 1998, the companies announced a joint venture which is currently exploring other applications of ACTV's technology.
Lee Masters, president and CEO of Liberty Digital, said: ''ACTV has continued to develop a suite of innovative applications which fit very well with Liberty Digital's strategy of bringing new digital and interactive applications to the marketplace.''
''Liberty Media and Liberty Digital possess incredible vision and foresight, and ACTV could not ask for stronger partners,'' said David Reese, president and chief operating officer, ACTV, Inc. ''We greatly appreciate their support and look forward to continuing our work together.''
ACTV and TCI Music's The Box Music Network are currently collaborating on an enhanced version of viewer-controlled music programming, using ACTV's proprietary digital programming technology. The Box Music Network and ACTV believe giving the viewer greater control over the experience might drive viewer satisfaction and take rates for pay-per-view programming featuring live concerts and musical events.
This February, ACTV joined Liberty Digital as the initial tenants in AT&T Broadband & Internet Services' (formerly Tele-Communications, Inc.'s) National Digital Television Center-Los Angeles, one of the nation's leading digital content creation facilities.
About ACTV, Inc.
Whether it's for the rapidly emerging digital television platform, the Internet or a convergent TV-Internet experience, New York-based ACTV, Inc. uses its patented software applications -- HyperTV(TM) and ''Individualized Television'' -- to dramatically enhance any television or video-based program. ACTV is committed to improving the television and Internet experience for consumers by enabling the creation of more compelling content, while allowing programmers, advertisers and others to establish valuable one-to-one relationships with consumers.
ACTV has relationships with many of the dominant players in the Internet, television and digital technology fields, including:
Liberty Media Group (NYSE:LMG.A - news, LMG.B - news); AT&T Broadband & Internet Services (formerly Tele-Communications, Inc. - NYSE:T); General Instrument Corporation (NYSE:GIC - news); Scientific-Atlanta, Inc. (NYSE:SFA - news); Sun Microsystems (NASDAQ:SUNW - news); FOX Sports Net; TCI Music (NASDAQ:TUNE - news, TUNEP - news); TV Guide Networks, Inc. (NASDAQ:TVGIA - news); SkyConnect, Inc.; Pioneer Digital Technologies, Inc.; Cablevision's Rainbow Sports; and The Sarnoff Corporation. In September 1998, ACTV Entertainment and Liberty Media formed a joint venture, LMC/IATV Events, LLC. ACTV Entertainment and HyperTV Networks, Inc. are subsidiaries of ACTV, Inc. For more information, visit ACTV's Web site at actv.com.
About Liberty Media Group
Liberty Media Group holds interests in numerous globally branded entertainment networks such as Discovery Channel, USA,
QVC, Encore, and STARZ!. Liberty's assets also include interests in international video distribution businesses; international
telephony and domestic wireless; plant and equipment manufacturers; and other businesses related to broadband services.
Liberty Media Group Class A and Class B Common Stock are tracking stocks of AT&T Corp. and are traded on the New
York Stock Exchange under the symbols LMG.A and LMG.B, respectively.
Disclaimer: This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements which are other than statements of historical facts. These
statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance,
changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks
defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly
qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking
statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or
circumstances after the date hereof.
Contact:
Bratskeir & Company (for ACTV), New York
Mike Rosen / David Rosenberg
212/679-2233
mrosen@bratskeir.com
drosenberg@bratskeir.com
or
Liberty Media, Englewood
Vivian Carr
720/875-5406
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