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BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Sept. 20, 2006--Liberty Media Corporation (Nasdaq: LINTA - News, LCAPA - News) and IDT Corporation (NYSE: IDT - News, IDT.C - News) recently announced that they have completed the first stage of the previously announced acquisition by Liberty of IDT's Entertainment Division. The closing encompassed all of the U.S. and certain international operations including IDT Entertainment's stake in Stan Lee's POW! Entertainment Inc. (OTC: POWN - News) and six character franchises created and co-produced by POW!. ADVERTISEMENT
The union of these two entertainment giants created a stellar scenario for the production and distribution of the six "Stan Lee Presents" character franchises that POW! created exclusively for IDT Entertainment. IDT combining with Liberty adds a whole new level of distribution and development to realize the full potential of these projects. Jim Courter, CEO of IDT Corporation said, "The next phase of its development will be directed by Liberty Media, a company with a record for realizing the potential of media and entertainment assets."
IDT's Entertainment Division along with its POW! Entertainment ownership and Stan Lee Presents assets has been combined with Liberty's wholly owned subsidiary Starz Entertainment Group and is attributed now to the Liberty Capital Group.
"Joining IDT Entertainment and Starz will allow both to benefit and grow as part of an integrated media organization with substantial programming production capabilities and access to all distribution outlets," said Liberty president and CEO Gregory B. Maffei. "And this transaction advances our strategy of converting passive assets into operating business units."
IDT Entertainment and Starz Entertainment Group combined are now wholly owned subsidiaries of Starz. LLC which is a wholly owned subsidiary of Liberty Media Corp. Under the new structure, IDT Entertainment has been renamed Starz Media, and Starz Entertainment Group has been renamed Starz Entertainment. Robert B. Clasen will serve as chairman and chief executive officer of both entities and of Starz, LLC, which will be the umbrella company overseeing the two operating units.
The new company will produce live-action and animated programming, including feature films, series, specials and shorts. It will distribute that programming to consumers however and wherever they want to watch: in theaters, on DVDs, via cable or satellite, on broadcast stations, and over the Internet in both the domestic and international market.
IDT Entertainment inclusive of its ownership in POW! Entertainment and the six Stan Lee Presents projects along with a host of other assets including Film Roman, ("The Simpsons" and "King of the Hill") and Anchor Bay Entertainment, was purchased by Liberty Media for $186 million in cash, subject to certain adjustments, and all of Liberty Media's equity interests in IDT and its subsidiaries, including approximately 17.2 million shares of IDT's Class B common stock and Liberty Media's approximate 5% interest in IDT Telecom. Liberty will also assume IDT Entertainment's existing indebtedness. IDT will be entitled to receive additional consideration from Liberty based upon the appreciation in value of IDT Entertainment over the five year period following closing. In addition, IDT Entertainment and Starz entered into a five-year programming output agreement for the broadcast of certain IDT Entertainment's proprietary CG animated theatrical releases and live action programming on Starz's premium channels. The transaction was subject to certain customary conditions and contingencies, including the finalization and execution of definitive documentation and the receipt of regulatory approvals.
POW! (Purveyors of Wonder) Entertainment, Inc. is founded by world famous comic book and motion picture icon Stan Lee, co-creator of Spider-Man(1), X-Men(1), The Hulk(1), and Fantastic Four(1), together with award winning producer Gill Champion and intellectual properties acclaimed expert Arthur Lieberman esq. POW's principals combined, have created, produced and licensed some of the most successful global character franchises of all time that have gone on to generate billions of dollars in revenues. POW! has partnered with major studios, networks and industry leaders to perpetuate a whole new cast of contemporary Stan Lee Originals. POW! Entertainment is now publicly traded under the symbol (POWN).
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