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    Liberty To Spin Off Ascent Media Group

    By SHOOT StaffUpdated:No Comments1289 Views

    By Carolyn Giardina

    ENGLEWOOD, Colo. --

    Liberty Media Corp. (NYSE: L, LMC.B), headquartered in Englewood, has announced plans to spin off a separate company comprised of its ownership interests in Santa Monica-headquartered Ascent Media Group and Discovery Communications. Ascent is the parent company of such commercial postproduction brands as Company 3 (Santa Monica and New York), R!OT (Santa Monica, New York and Atlanta), Method (Santa Monica), Filmcore (Santa Monica and San Francisco), Encore (Hollywood) and Rushes (London).

        The transaction–expected to occur during the second quarter of this year–is intended to be tax-free to shareholders and Liberty Media, and would create a new publicly-traded company called Discovery Holding Company (DHC).

    This would once again make this group of companies a publicly traded entity. In May 2003, Liberty purchased the remaining shares of then publicly-traded Ascent, making it a wholly owned subsidiary of Liberty Media.

    Formerly known as Liberty Livewire Corp., Ascent was formed as a result of the 2000 and ’01 acquisition of The Todd-AO Corp, Four Media Company, Video Services Corp, certain operations of SounDelux Entertainment Group and several other businesses engaged in creative and technical media services.

        Per the new plan, DHC will be comprised of Liberty Media’s 100 percent ownership interest in Ascent Media as well as its 50 percent ownership stake in Discovery. In the spin-off, record holders of Liberty Media Series A and Series B common stock would receive 0.05 of a share of the corresponding series of DHC common stock for each share of Liberty Media common stock held by them as of the record date (which has not been set). Cash will be delivered in lieu of fractional share interests.

    Category:News



    Apple and Google Face UK Investigation Into Mobile Browser Dominance

    Saturday, November 23, 2024

    Apple and Google aren't giving consumers a genuine choice of mobile web browsers, a British watchdog said Friday in a report that recommends they face an investigation under new U.K. digital rules taking effect next year.

    The Competition and Markets Authority took aim at Apple, saying the iPhone maker's tactics hold back innovation by stopping rivals from giving users new features like faster webpage loading. Apple does this by restricting progressive web apps, which don't need to be downloaded from an app store and aren't subject to app store commissions, the report said.

    "This technology is not able to fully take off on iOS devices," the watchdog said in a provisional report on its investigation into mobile browsers that it opened after an initial study concluded that Apple and Google effectively have a chokehold on "mobile ecosystems."

    The CMA's report also found that Apple and Google manipulate the choices given to mobile phone users to make their own browsers "the clearest or easiest option."

    And it said that the a revenue-sharing deal between the two U.S. Big Tech companies "significantly reduces their financial incentives" to compete in mobile browsers on Apple's iOS operating system for iPhones.

    Both companies said they will "engage constructively" with the CMA.

    Apple said it disagreed with the findings and said it was concerned that the recommendations would undermine user privacy and security.

    Google said the openness of its Android mobile operating system "has helped to expand choice, reduce prices and democratize access to smartphones and apps" and that it's "committed to open platforms that empower consumers."

    It's the latest move by regulators on both sides of the Atlantic to crack down on the... Read More

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