[Tig] Heard this today...

Jeff Booth jeff.booth at ntlworld.com
Mon Dec 6 19:16:00 GMT 2010


 

On November 24, 2010, Ascent Media announced the execution of a definitive
agreement to sell the Creative Services and Media Services businesses of AMG
to Deluxe Entertainment Services Group Inc. for aggregate net cash
consideration to Ascent Media of approximately $68 million, subject to
adjustment. On December 3, 2010, Ascent Media announced execution of a
definitive agreement to sell the Content Distribution business of AMG to
Encompass Digital Media, Inc. for aggregate net cash consideration to Ascent
Media of approximately $113 million, subject to adjustment. Following
consummation of such transactions, which are subject to customary closing
conditions, Ascent Media will have sold substantially all of its current
operating businesses. At September 30, 2010, Ascent Media had cash, cash
equivalents and marketable securities, on a consolidated basis, of
approximately $375 million, and substantially no debt. The sale of the
Creative Services and Media Services businesses to Deluxe is expected to
close on or about December 31, 2010. The sale of the Content Distribution
business to Encompass is subject to shareholder approval, and is expected to
close on or about February 28, 2011. 

 

 



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