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Technology Stocks : Liberty Livewire - LWIRA -- Ignore unavailable to you. Want to Upgrade?

To: Xenogenetic who wrote (5)	6/12/2000 9:39:00 AM
From: art slott	Respond to of 50

Todd-AO Closes Deal with Liberty Media; Changes Name to Liberty Livewire LOS ANGELES, June 12 /PRNewswire/ -- The Todd-AO Corporation announced today that it has changed its name to Liberty Livewire Corporation (Nasdaq: LWIRA - news). The change became effective June 9, 2000, with the closing of the company's previously announced transaction with Liberty Media Group (NYSE: LMG.A LMG.B), through which Liberty Media acquired a controlling interest in Todd-AO. Immediately following that transaction, Liberty Media contributed to Liberty Livewire 100% of the capital stock of Four Media Company, which Liberty Media acquired in April. As a result of the Liberty Media transaction and a related reclassification, each issued and outstanding share of Todd-AO common stock was converted into the right to receive 0.4 of a share of Liberty Livewire's class A common stock and 0.5 of a share of Class A Liberty Media Group Common Stock, after giving effect to Liberty Media's 2-for-1 stock split on June 9, 2000. Letters of Transmittal for use in exchanging Todd-AO shares for shares of Class A Liberty Media Group Stock and class A Liberty Livewire stock are expected to be mailed to Todd-AO stockholders during the week of June 12, 2000. Commenting on the announcement, Salah M. Hassanein, President and CEO of Todd-AO, stated, ``The management considers this transaction to be in the best interest of the stockholders, both in the short and long term, and we believe that the future management of the Company is in very strong hands.'' David Beddow, Chief Executive Officer of Liberty Livewire, added, ``Friday's closings mark our initial steps in building a dynamic company to service the post-production and distribution needs of a wide array of media clients, including motion pictures, long form television and commercial advertising. While we continue to strengthen the traditional film, video and sound services areas, we are adding the capability to offer large scale Internet hosting, IP distribution and caching through our venture with HyperTv and the extraordinary network capabilities of AT&T. Liberty Livewire will take a leadership roll in defining the on-screen convergence of traditional sound and picture with the interactivity of the Internet.'' About Todd-AO Corporation The Todd-AO Corporation has been a pioneer in motion picture and television post production since 1952. The company maintains production offices in Los Angeles, New York, Atlanta, London and Barcelona. Todd-AO offers the industry's most up-to-date, comprehensive, strategically located post production facilities. About Liberty Media Group Liberty Media holds interests in a broad range of video programming, communications, technology and Internet businesses in the United States, Europe, South America and Asia. About Liberty Livewire Todd-AO has changed its corporate name to Liberty Livewire Corporation. Effective June 12, 2000, the company's Class A Common Stock will begin trading on the Nasdaq National Market System under the symbol LWIRA. This press release contains forward-looking statements which 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: The Todd-AO Corporation E-mail this story - View most popular stories e-mailed -------------------------------------------------------------------------------- More Quotes and News: LWIRA - news AT&T Corp (NYSE:LMGb - news; NYSE:LMGa - news) Related News Categories: entertainment, telecom