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To: Eqmx who wrote (5478)	7/12/1999 9:55:00 PM
From: art slott	Respond to of 13157

Picked up on Reuters Monday July 12, 9:29 pm Eastern Time Libery, TCI Music in pact on Internet, TV assets NEW YORK, July 12 (Reuters) - Liberty Media Corp. signed a definitive agreement that will consolidate its Internet content and interactive television programming under its majority owned TCI Music Inc. (Nasdaq:TUNE - news), and increase its interest in TCI Music. Under the deal Liberty Media Corp. a subsidiary of Liberty Media Group, will increase its stake in TCI Music to 95 percent from 86 percent and its voting interest to 99 percent from 98 percent, Vivian Carr, Liberty's vice president of investor relations, told Reuters. Liberty will contribute to TCI Music substantially all of its directly held Internet content and interactive television assets, including those held by its wholly-owned subsidiary, Liberty Digital LLC, its rights to provide interactive video services on AT&T's cable television systems and a combination of cash and notes receivable equal to $150 million. The assets to be contributed to TCI include equity investments in various Internet companies such as ACTV Inc., priceline.com, iVillage, Sportsline USA and drugstore.com. TCI Music will change its name to Liberty Digital Inc. TCI will issue to a subsidiary of Liberty 109,450,107 shares of Series B common stock and 150,000 shares of a newly authorized Series B convertible preferred stock having an initial liquidation preference of $150 million and convertible into 25,751,073 shares of Series B common stock. Following the closing of the deal, and assuming conversion of the preferred stock, Liberty will hold about 12 million shares of TCI Music Series A common stock and about 197.7 million shares of Series B. The deal is subject to approval by TCI Music shareholders scheduled to meet September 8. Liberty Media Group (NYSE:LMGa - news) is a subsidiary of AT&T Corp. (NYSE:T - news), and one of the largest U.S. providers of programming to cable TV systems. TCI Music is comprised of DMX LLC, which programs, markets and distributes digital audio music service Digital Music Express, The Box Worldwide Inc., which programs and distributes the interactive music video television network, The Box Music Network and SonicNet, an Internet music network consisting of a group of music websites. It previously said it would acquire a 10 percent stake in MTV Networks' online music ventures in exchange for TCI Music's interest in SonicNet and The Box. That deal is slated to close this week. Shares of TCI Monday closed down 1/8 to 31-1/2 on the Nasdaq before the release of the news. -------------------------------------------------------------------------------- More Quotes and News: AT&T Corp (NYSE:T