THP Capstar Acquires DMX MUSIC for $75 Million.AUSTIN, Texas -- THP Capstar, Inc., today announced the completed acquisition of DMX See DMX512. MUSIC, a global leader in digital music and visual imaging programming with 100 million daily listeners in homes, airlines and businesses. Final sale price was approximately $75 million. Earlier this year, DMX MUSIC and THP Capstar signed an asset purchase agreement for the sale of DMX MUSIC's U.S. operations subject to a court-approved sale process. THP Capstar was the successful bidder in an auction conducted on May 9, 2005, in Wilmington, Delaware Wilmington is the largest city in the state of Delaware and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. . THP Capstar, Inc., is an affiliate of Capstar Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a private investment company led by Steve Hicks with a focus on traditional and early stage investments in broadcast/media, distributed content and media technology. Partnering with Capstar in this effort is Trinity Hunt Partners, a Dallas-based, regionally focused private equity firm specializing in investments in established middle-market companies in the media, manufacturing, business services, health care and consumer products industries. Silver Point Finance, LLC provided debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for the transaction. "DMX MUSIC is backed by the strongest balance sheet in the industry, which translates into better products, stronger infrastructure, and expanded capabilities for our customers," John Cullen John Cullen (born August 2, 1964 in Puslinch, Ontario, Canada) is a former professional ice hockey centre who played ten seasons in the National Hockey League between 1988-89 and 1998-99. , president, DMX MUSIC said. Cullen said no final decisions have been made about management or headquarters location. "Our immediate objective is to meet and exceed customer expectations. Though we would love to have DMX MUSIC in Austin because of proximity to Capstar's management team, we have to assess the finances before moving forward," he said. About DMX MUSIC Until the purchase, DMX MUSIC Inc. was majority-owned by Liberty Media Corporation, (NYSE NYSE See: New York Stock Exchange :L) (NYSE:LMC LMC Large Magellanic Cloud (also see SMC) LMC Library Media Center LMC Lees-McRae College (Banner Elk, NC) LMC Lutheran Medical Center LMC League of Minnesota Cities LMC Local Medical Committee .B). Operating in more than 100 countries, DMX MUSIC is currently headquartered in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. with offices throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and internationally in Australia, Belgium, Canada, The Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. , France, Germany, Holland, Hungary, Poland, Spain, Japan and the United Kingdom. DMX MUSIC is a global leader in digital music and visual imaging programming, with one of the world's largest digital music and video libraries, creating more than 500 unparalleled styles of commercial-free programming delivered via digital cable, satellite, DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. and the Internet. DMX MUSIC distributes music and visual services worldwide to more than 11 million homes, 180,000 businesses and 30 airlines with a worldwide daily listening audience of more than 100 million people. About Capstar Partners, LLC Capstar Partners, LLC, is a private investment company that participates in both early-stage funding and traditional investments. Capstar Partners' primary seed stage investments are in the areas of broadcast/media, distributed content and media technology. Traditional investments include real estate, publicly traded stocks and private non-technology companies. About Trinity Hunt Partners Trinity Hunt Partners is a Dallas-based, regionally focused private equity firm specializing in leveraged acquisitions, recapitalizations and late-stage growth financings of established middle-market companies with enterprise values between $15 million and $150 million in the media, manufacturing, business services, health care and consumer products industries. About Silver Point Finance, LLC Silver Point Finance, LLC, based in Greenwich, Connecticut, is an independent provider of custom financing to large and middle market companies. The firm combines extensive experience in complex financings, cross-disciplinary expertise, streamlined decision-making, a commitment to building long-term relationships with clients. Silver Point Finance is a business of Silver Point Capital, which specializes in credit analysis and diversified investments. For more information about the acquisition, contact Laurie Parker or Elizabeth Christian at 512-472-9599. |
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