IATV:
(BSNS WIRE) Liberty Media Increases Investment in ACTV, Inc., Strengthen
Liberty Media Increases Investment in ACTV, Inc., Strengthening Key Partnership
Business & Media/Television Editors
NEW YORK and ENGLEWOOD, Colo.--(BUSINESS WIRE)--April 13, 1999--
Liberty Media Group (NYSE:LMG.A, LMG.B) and ACTV, Inc., (NASDAQ:IATV)
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, TUNEP) 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, LMG.B); AT&T Broadband & Internet Services
(formerly Tele-Communications, Inc. - NYSE:T); General Instrument
Corporation (NYSE:GIC); Scientific-Atlanta, Inc. (NYSE:SFA); Sun
Microsystems (NASDAQ:SUNW); FOX Sports Net; TCI Music
(NASDAQ:TUNE, TUNEP); TV Guide Networks, Inc. (NASDAQ:TVGIA);
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.
--30--et/ny*
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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