Claxson Interactive Group. Inc. Special Committee of Independent Directors is Formed to Evaluate a Going Private Proposal.Company Has Proposed Acquiring All Outstanding Shares Not Owned by a Group of Controlling Shareholders for $10.50 Per Share MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. & BUENOS AIRES Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Argentina -- Claxson (Pink Sheets:XSONF) announced today that it has, with the support of a group of the Company's controlling shareholders, the Cisneros Group The Cisneros Group of Companies is one of the largest, privately held media, entertainment, telecommunications and consumer products organizations in the world. The Group owns or holds interests in companies ranging from broadcast television, networks and pay television businesses , Hicks Muse, Roberto Vivo and the Liberman family, proposed that the Company acquire for $10.50 per share in cash, up to all of the outstanding Class A Common shares of the Company not held by such group. A special committee of independent directors of the Company has been formed to evaluate and negotiate this proposal with its own legal and financial advisors. Claxson's Chairman and Chief Executive Officer, Mr. Roberto Vivo explained, "In light of the recently announced Pay TV and Radio sale transactions and given that Claxson does not intend to reinvest the proceeds in new assets, Claxson's operating companies will become significantly smaller. The increase of public company costs will make it difficult for a company like Claxson to continue to operate as a reporting company." No assurance can be given that the proposed transaction, or similar transaction, will take place on these or any other terms. About Claxson Claxson (Pink Sheets:XSONF) is a multimedia company providing branded entertainment Branded Entertainment, also known as Branded content or Advertainment, is the combination of an audio-visual program (TV, radio, podcast, etc.) and a brand. It can be initiated either by the brand or by the broadcaster. content targeted to Spanish and Portuguese speakers around the world. Claxson has a portfolio of popular entertainment brands that are distributed over multiple platforms Refers to two or more operating environments, which typically include the CPU family and operating system. For example, if versions of a program run on Windows and the Macintosh, the software is said to support multiple platforms. through its assets in pay television, radio and the Internet. Headquartered in Buenos Aires, Argentina and Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. , Claxson has a presence in the United States and all key Ibero-American countries, including without limitation, Argentina, Mexico, Chile, Brazil, Spain and Portugal. Claxson's principal shareholders are the Cisneros Group of Companies and funds affiliated with Hicks, Muse, Tate & Furst Inc. This press release contains forward-looking statements within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on the current expectations or beliefs of Claxson's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a detailed discussion of these factors and other cautionary statements, please refer to Claxson's annual report on Form 20F filed with the U.S. Securities and Exchange Commission on July 15, 2005. |
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