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.The Many Hires Jeremiah Wassom As Group Creative Director
Independent agency The Many has added Jeremiah Wassom as group creative director.
Wassom most recently worked a decade at Deutsch LA where, as SVP/creative director, he led the Taco Bell account and won new business for the agency. His agency past also includes AKQA and TBWAChiatDay. His creative work has touched the QSR, video games, automotive, fashion, and culture brand sectors. He also served eight years with the United States Marine Corps.
“Throughout his career, Jeremiah has helmed work that has not only made me personally jealous but has consistently pushed brands to show up in memorable and innovative ways,” said Josh Paialii, head of creative at The Many. “One look at his body of work and you will see his passion for storytelling and craft has raised the bar for entire categories, driving participation with many brands’ most loyal fans. Beyond being a world-class creative director and maker, Wassom is a proven team player and strategic thought leader. He’ll be a great addition to the leadership team at The Many working across all accounts. His role will be immediately felt as he guides and supports each of the creative leads in the department.”
A 20-year creative with agency, brand, and freelance experience, Wassom has forged a creative approach which focuses on crafting engaging connections rather than simply make ads. He sees the need for advertising to mean more, not simply do more.
The Many believes that true business growth is made possible by harnessing the power of participation and partners with brands to forge deeper connections with consumers, cultivate trust and loyalty, and maximize marketing spend and execution. The agency is built around a flexible model that offers a suite of capabilities, including... Read More