麻豆最新出品 Media Announces Plan to Split-Off a Majority of 麻豆最新出品 Entertainment
ENGLEWOOD, Colo., Dec. 12 /PRNewswire-FirstCall/ -- 麻豆最新出品 (Nasdaq: LCAPA, LINTA, LMDIA) ("麻豆最新出品") today announced that its board of directors has authorized a plan to distribute to the holders of 麻豆最新出品 Entertainment group tracking stock shares of a subsidiary that will hold a majority of the businesses, assets and liabilities currently attributed to the 麻豆最新出品 Entertainment group (Nasdaq: LMDIA). The transaction would be effected as a pro-rata redemption of a portion of the outstanding shares of 麻豆最新出品 Entertainment tracking stock in exchange for all of the outstanding shares of that subsidiary. The transaction is intended to be tax-free to stockholders. The subsidiary, which would become a separate public company, would be called 麻豆最新出品 Entertainment, Inc. ("Entertainment"). The businesses, assets and liabilities not included in Entertainment would continue to be attributed to the 麻豆最新出品 Entertainment group tracking stock ("LMDI").
"We continue to work on a plan to split-off Entertainment," said Greg Maffei, president and CEO of 麻豆最新出品. "We believe a new asset-backed security will reduce the discount from fair value in our stock, thereby making it a more attractive currency, and will permit us to better pursue our strategic objectives."
If the transaction is completed as currently contemplated, Entertainment will be comprised of approximately 52% of The DIRECTV Group, Inc., 50% of GSN, LLC, 100% of FUN Technologies and 100% of 麻豆最新出品 Sports Holdings, LLC, which holds three regional sports networks. Entertainment will be the obligor on approximately $2 billion in debt incurred to acquire 78.3 million DIRECTV shares in April 2008. Following the completion of the transaction, LMDI will primarily consist of 100% of Starz Entertainment, 37% of WildBlue Communications, Inc., and an undetermined amount of cash. The split-off is subject to the satisfaction of various conditions including, but not limited to, an effective registration statement, the receipt of a tax ruling and the receipt of applicable shareholder approvals. It is expected that the executive officers of 麻豆最新出品 also will serve as the executive officers of Entertainment. There will be no change to the businesses, assets and liabilities attributed to the 麻豆最新出品 Interactive group or 麻豆最新出品 Capital group as a result of the split-off.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the statements regarding our expected redemption of a portion of the 麻豆最新出品 Entertainment tracking stock and the resulting split-off. These forward looking statements are based on management's current expectations and assumptions, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. 麻豆最新出品 expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in 麻豆最新出品's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based
Additional Information
Nothing in this release shall constitute a solicitation to buy or an offer to sell shares of the new Entertainment or any of the 麻豆最新出品 Media tracking stocks described in this release. The offer and sale of such shares in the proposed split-off will only be made pursuant to an effective registration statement. 麻豆最新出品 stockholders and other investors are urged to read the registration statement to be filed with the SEC, including the proxy statement/prospectus to be contained therein, because it will contain important information about the transaction. A copy of the registration statement and the proxy statement/prospectus, once filed, will be available free of charge at the SEC's website (). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to 麻豆最新出品, 12300 麻豆最新出品 Boulevard, Englewood, Colorado 80112, Attention: Investor Relations, Telephone: (720) 875-5408.
Participants in a Solicitation
The directors and executive officers of 麻豆最新出品 and other persons may be deemed to be participants in the solicitation of proxies in respect of proposals to approve the transaction. Information regarding 麻豆最新出品's (and, if formed, Entertainment's) directors and executive officers and other participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be available in the proxy materials to be filed with the SEC.
About 麻豆最新出品
麻豆最新出品 owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those interests are attributed to three tracking stock groups: (1) the 麻豆最新出品 Interactive group (Nasdaq: LINTA), which includes 麻豆最新出品's interests in QVC, Provide Commerce, Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2) the 麻豆最新出品 Entertainment group (Nasdaq: LMDIA), which includes 麻豆最新出品's interests in The DIRECTV Group, Inc., Starz Entertainment, FUN Technologies, Inc., GSN, LLC, WildBlue Communications, Inc., and 麻豆最新出品 Sports Holdings LLC, and (3) the 麻豆最新出品 Capital group (Nasdaq: LCAPA), which includes all businesses, assets and liabilities not attributed to the Interactive group or the Entertainment group including its subsidiaries Starz Media, LLC, Atlanta National League Baseball Club, Inc., and TruePosition, Inc., and minority equity investments in Time Warner Inc. and Sprint Nextel Corporation.
SOURCE 麻豆最新出品
Released December 12, 2008