As expected, Liberty made it's next investment in IATV:
Tuesday April 13, 7:28 am Eastern Time
Company Press Release
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.
This further investment shows faith in ACTV's technology and assures their success. |
