INTERNATIONAL FAMILY ENTERTAINMENT AGREES TO CONSOLIDATE THE FAMILY CHANNEL UK INTO FLEXTECH PLC.VIRGINIA BEACH Virginia Beach, resort city (1990 pop. 393,069), independent and in no county, SE Va., on the Atlantic coast; inc. 1906. In 1963, Princess Anne co. and the former small town of Virginia Beach were merged, giving the present city an area of 302 sq mi (782 sq km). , Va.--(BUSINESS WIRE)--Tim Robertson, chief executive officer of International Family Entertainment, Inc. ("IFE Ife (ē`fā), city (1991 est. pop. 262,000), SW Nigeria. Located in a farm region, the city is an important center for marketing and shipping cacao. According to tradition, Ife is the oldest Yoruba town (founded c.1300). ") (NYSE NYSE See: New York Stock Exchange : FAM FAM 5-FU, adriamycin/doxorubicin, mitomycin C Oncology A chemotherapeutic regimen used with varying degrees of failure for advanced gastric CA. See Stomach cancer. ), today announced that IFE has agreed to consolidate its 61% ownership interest in The Family Channel (UK) network into Flextech plc, the current 39% owner of such network. Flextech is a leading provider of branded television programming to the United Kingdom and owns interests in, or manages, 13 cable networks, including Bravo BRAVO Cardiology A clinical trial–Blockade of the GP IIB/IIIA Receptor to Avoid Vascular Occlusion– which evaluated lotrafiban in preventing strokes and acute MI. See GP IIB/IIIA. , The Discovery Channel Europe and The Learning Channel. This transaction, which includes the television production studio in Maidstone, England, is expected to close by the end of April 1996. IFE will receive consideration for the transaction consisting of approximately $4.6 million in cash and 5,792,008 shares of Flextech's convertible, redeemable non-voting stock Non-voting stock is stock that provides the shareholder very little or no vote on corporate matters, such as election of the board of directors or mergers. This type of share is usually implemented for individuals who want to invest in the company’s profitability and success . The same number of shares of Flextech's voting common stock has a value of approximately $46.1 million, based on its closing price per share yesterday on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . After May 1997, these non-voting shares may be put, at IFE's option, to Flextech's majority owner, Tele-Communications International, Inc., which has the option of redeeming them for cash at the then-market value of the same number of shares of Flextech's voting common stock. If the shares are not redeemed for cash, IFE has the option of either converting 50% of the shares on a share-for-share basis into Flextech's voting common stock and 50% of the shares into common stock of the same value of Tele-Communications International, or converting 100% of the shares into common stock of the same value of Tele-Communications International. Consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of this transaction is subject to the approval of Flextech's shareholders and the Board of Directors of Tele-Communications International, Inc. Mr. Robertson commented, "After careful consideration, we pursued this transaction to take advantage of Flextech's established presence in Europe, including its substantial operations in the United Kingdom. The network will continue to bear the name, "The Family Channel", pursuant to a license agreement with IFE. Further, by consolidating the network into the group of 13 networks with which Flextech is involved, we expect that The Family Channel (UK) will have a significantly greater opportunity to increase its carriage than as an independent network. In addition to greater leverage with satellite and cable operators, Flextech's critical mass of programming networks enables it to cross-promote channels and enjoy economies of scale. Our confidence in the potential benefits of this combination is reflected by our accepting equity instead of cash for the majority of the consideration to be received by IFE in this transaction." International Family Entertainment, Inc. owns and operates an array of entertainment assets. Four cable television networks, The Family Channel, The Family Channel (UK), The Family Channel De Las Americas and FIT TV, provide high-quality entertainment and information programming that emphasize traditional values Traditional values refer to those beliefs, moral codes, and mores that are passed down from generation to generation within a culture, subculture or community. Since the late 1970s in the U.S. and can be enjoyed by the entire family. MTM MTM Medication Therapy Management MTM Minutes to Midnight (Linkin Park album) MTM Mary Tyler Moore (actress) MTM Made to Measure MTM Motoren-Technik-Mayer MTM Methods Time Measurement Entertainment, Inc. is engaged in the development, production and distribution of television series and other programs throughout the world. The Family Channel is one of the nation's largest advertiser-supported basic cable television networks, reaching approximately 99% of all cable households and 67% of all television households. CONTACT: International Family Entertainment, Inc., Virginia Beach David R. Humphrey, 804/459-6110 |
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