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    Liberty Media Spins Off Ownership Interests In Ascent Media

    By SHOOT StaffUpdated:No Comments1271 Views

    By Carolyn Giardina

    SANTA MONICA, Calif. --

    Denver-headquartered media giant Liberty Media has completed the spin-off of Discovery Holding Company (DHC), which is now a new independent and publicly traded company that owns 100 percent of Santa Monica-headquartered Ascent Media Group plus a 50 percent equity stake in Discovery Communications. Ascent is the parent of such entities as Company 3, Santa Monica and New York; R!OT, New York, Santa Monica and Atlanta; Method, Santa Monica; and POP Sound, Santa Monica.

        DHC stock is traded on NASDAQ under the symbols DISCA and DISCB. Liberty boss John Malone will serve as CEO and chairman of the board while Robert Bennett has been named president of DHC. The management teams and operations of Ascent and Discovery were not affected by the spin-off, and there are currently no plans to merge integrate or in any way combine the operations of Ascent and Discovery, according to a released statement from Ascent CEO Ken Williams on the company Web site. “Ascent and Discovery will continue to operate as separate companies under the umbrella of DHC. We expect to continue providing our clients with first class service and to remain a leader in developing next generation products and services,” the message read.

    This is the latest chapter in a saga that has literally changed the face of commercial postproduction. It also impacted the industry by raising questions and prompting analysis of the future of postproduction, by forcing the industry to consider topics such as consolidation, funding, exit strategies, new media and technological change.

    Ascent, formerly know as Liberty Livewire Corp, was formed as the result of the 2000 and ’01 acquisitions of The Todd-AO Corp., Four Media Company, Video Services Corp., certain operations of SounDeluxe Entertainment Group and several other businesses engaged in creative and technology media services, including numerous companies that offer postproduction services to clients in commercial advertising.

    “The decision to form DHC is part of Liberty’s ongoing strategy of enhancing shareholder value and having that enhanced value recognized by providing greater visibility into the operations, financial performance, strategy and growth prospects of select assets,” said Williams in the statement on the Web site. “As part of DHC, the spin-off also provides greater flexibility in financing the ongoing growth of Ascent’s business through our own strong balance sheet and greater transparency into our assets and operations.”

     

        Calls from SHOOT requesting interviews for this story were not returned.

    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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