Liberty Media Corporation Completes Acquisition Of Liberty Satellite & Technology, Inc.
November 12 2003 - 4:47PM
PR Newswire (US)
Liberty Media Corporation Completes Acquisition Of Liberty
Satellite & Technology, Inc. ENGLEWOOD, Colo., Nov. 12
/PRNewswire-FirstCall/ -- Liberty Media Corporation (NYSE: L;
LMC.B) announced today that it completed its previously announced
acquisition of all the issued and outstanding shares of Liberty
Satellite & Technology, Inc. (BULLETIN BOARD: LSTTA, LSTTB)
("LSAT") that it did not already own. Each LSAT stockholder, other
than Liberty Media, will receive 0.2750 shares of Liberty Media
Series A common stock for each share of LSAT Series A or Series B
common stock held. Liberty Media will issue approximately 1.8
million shares of Liberty Media Series A common stock to the LSAT
shareholders. The transaction was accomplished through a merger of
Liberty Satellite Acquisition Co., a newly formed controlled
subsidiary of Liberty Media, with and into LSAT, with LSAT as the
surviving corporation in the merger. The merger was taxable to the
LSAT shareholders. Liberty Satellite and Technology, Inc., known as
LSAT, pursues strategic opportunities worldwide in the distribution
of Internet data and other content via satellite and related
businesses. Through its majority-owned subsidiary, On Command
Corporation, LSAT is a leading provider of in-room movies,
broadband access and other entertainment and business services to
the hotel industry. LSAT also holds strategic ownership positions
in a range of video programming, satellite-delivered broadband
distribution and satellite communication businesses, including
Wildblue Communications, Astrolink International, and Sky Latin
America. LSAT is a consolidated subsidiary of Liberty Media
Corporation. Liberty Media Corporation (NYSE: L; LMC.B) owns
interests in a broad range of electronic retailing, video
programming, broadband distribution, interactive technology
services and communications businesses. Liberty Media and its
affiliated companies operate in the United States, Europe, South
America and Asia with some of the world's most recognized and
respected brands, including QVC, Encore, STARZ!, Discovery,
IAC/InterActiveCorp, and UnitedGlobalCom, Inc. DATASOURCE: Liberty
Media Corporation CONTACT: Mike Erickson of Liberty Media
Corporation, +1-877-772-1518; or John Beattie of Liberty Satellite
& Technology, Inc., +1-720-875-6861
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