Time Warner Acquires Liberty Media's 50% Stake in Court TV for $735 Million.ENGLEWOOD, Colo. & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Liberty Media Corporation (NYSE NYSE See: New York Stock Exchange : L) and Time Warner Inc. (NYSE: TWX (TeletypeWriter eXchange Service) A U.S. and Canadian dial-up communications service that became part of Telex. In 1971, the Bell System sold TWX to Western Union. TWX transmitted 5-bit Murray code or 7-bit ASCII code at up to 150 bps. See Telex. ) today announced that Time Warner has acquired Liberty's half of Courtroom Television Network The Courtroom Television Network (Court TV) is a cable network devoted to explaining law to the layperson. Founded in 1991, this novel venture in television programming was a long shot: few thought a twenty-four-hour-a-day, seven-day-a-week diet of live trials and legal analysis would LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the owner of Court TV, for $735 million. Time Warner now owns Court TV in its entirety. Court TV will operate as part of Turner Broadcasting System Turner Broadcasting System, Inc. (often abbreviated TBS Networks or TBS, inc.) is the company managing the collection of cable networks and properties started by Robert Edward "Ted" Turner from the mid-1970s to the late-1990s. Inc., within its entertainment division, under the direction of entertainment group president, Mark Lazarus Mark Lazarus (born Stepney, London, December 5 1938) was a footballer in the 1950s and 1960s. He came from a boxing family and two of his brothers were boxers. Lazarus played for many teams, although it was his remarkable three spells at QPR that he is perhaps best known for. . Seen in 86 million households, Court TV covers all aspects of the U.S. system of justice and is the leading producer of original programming in the crime and justice genre as well as other content, which appear on its network and popular Web sites as well as, increasingly, new distribution platforms. Time Warner Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Dick Parsons said: "Acquiring all of Court TV represents a strategic investment in one of Time Warner's most successful lines of business - our news and entertainment cable networks. We're confident that Court TV will continue its top-notch performance and become an important contributor to our growth. We look forward to working with our friends at Liberty Media in the future." Liberty Chairman John C. Malone “John Malone” redirects here. For the inventor of the unifon script, see John R. Malone. John C. Malone (born march 7 1941 in Milford, Connecticut) is the current chairman of Liberty Media and CEO of Discovery Holding Company. said: "We have enjoyed our long association with Court TV and its exceptional management team. The business has created tremendous value for our shareholders. We wish Henry Schleiff and his team well and have no doubt Court TV will continue its strong track record of success and value creation for Time Warner's shareholders." Henry Schleiff, who served as Court TV's chairman and CEO, will be the network's non-executive chairman for the next six months, focused on Court TV's transition to Turner and the network's public service initiatives. Liberty President and CEO Gregory B. Maffei said: "We've enjoyed building Court TV with Henry and Time Warner, and we'll welcome the opportunity to work together again. Liberty is pleased with the value created for our shareholders by this business and transaction." Time Warner President and COO Jeff Bewkes said: "Let me express our appreciation to Henry Schleiff for his keen vision and inspired leadership at Court TV. Court TV has made outstanding progress in its programming, marketing and distribution operations. Turner's presence and relationships will help us further strengthen Court TV's competitive position." Phil Kent, Chairman and CEO, Turner Broadcasting System, said: "Court TV's established brand, programming franchises and robust new media extensions complement our successful 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. and news networks and businesses. This integration into Turner will ensure Court TV's future growth and success, as well as make our portfolio stronger." About Court TV Court TV(R) provides a window on the American system The term American System can mean one of the following:
About Liberty Media Corporation Liberty owns a broad range of electronic retailing, media, communications and entertainment businesses and investments. It owns or has interests in some of the world's most recognized and respected brands and companies, including QVC QVC Quality Value Convenience QVC Question Valid Command , Encore, Starz, IAC/InterActiveCorp, Expedia and News Corporation. About Time Warner Inc. Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing. About Turner Broadcasting System, Inc. Turner Broadcasting System, Inc., a Time Warner company, is a major producer of news and entertainment product around the world and a leading provider of programming to the basic cable industry. Turner Press Call Information Turner's President and CEO Phil Kent and Mark Lazarus, President of Turner Entertainment Group, will conduct a conference call with members of the media on Friday, May 12th at 2 pm. Please call 1-888-989-5313 and use the following passcode: TURNER (Leader: Phil Kent). Caution Concerning Forward-Looking Statements This document includes certain forward-looking statements within the meaning of the 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 management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other factors affecting the operation of the businesses of Time Warner Inc. and Liberty Media Corporation. More detailed information about these factors may be found in filings by Time Warner and Liberty Media with the Securities and Exchange Commission, including their most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Report on Form 10-Q Form 10-Q See 10-Q. . Time Warner and Liberty Media are under no obligation to, and expressly disclaim any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. |
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