United Video Satellite Group Announces Formation of a Joint Venture With the Interactive Channel and Investment in Source Media.TULSA, Okla.--(ENTERTAINMENT WIRE)--Feb. 12, 1999--United Video Satellite Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : UVSGA) and Source Media, Inc. (NASDAQ:SRCM SRCM Shri Ram Chandra Mission (India) SRCM Stochastic Radio Channel Model SRCM Società Romana Costruzioni Meccaniche (Italian, training hand grenades) ) have entered into an agreement in principle with certain binding provisions to form a joint venture to focus on the development of local content and interactive services for the cable television and satellite marketplace. UVSGA will initially own 45% of the venture with the ability to increase its ownership position to 55%. UVSGA will contribute to the joint venture $5 million in equity and an additional $5 million in the form of convertible debentures. Source Media will contribute the assets of the Interactive Channel and VirtualModem(TM). As a part of the joint venture, UVSGA will provide certain key services to the venture including affiliate sales and marketing, network operations, accounting, and national advertising sales and support. Source Media will provide system specific, locally focused content to the joint venture including but not limited to local advertising, yellow pages, classified advertising, local news and sports information In addition, under the terms of the agreement, UVSGA will invest $12 million to acquire approximately 842,000 shares of Source Media common stock, representing 6.2% of the outstanding shares. Source Media will also issue five-year warrants to purchase approximately 14.0 million shares of Source Media common stock at $14.25 per share, representing approximately 40% of the fully diluted equity. UVSGA will obtain two seats on the Board of Directors of Source Media. "This new relationship provides UVSGA and TV Guide with a new compelling opportunity to satisfy cable and satellite operators' growing interest in local information and content," said Peter C. Boylan III, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of UVSGA. "These new service offerings compliment and expand our existing TV Guide product portfolio. We believe Source Media has some very interesting and compelling intellectual property to contribute to the joint venture." "United Video/TV Guide is the ideal partner for Source Media to stake out its place in the future of digital television. They offer unrivaled capabilities in the guidance genre, and especially with the distribution of products and services to the cable industry," said Tim Peters Tim Peters may refer to:
UVSGA is a 33-year-old global diversified media and communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. headquartered in Tulsa, Oklahoma. UVSG UVSG United Video Satellite Group develops, markets and distributes products like TV Guide Channel, TV Guide Interactive, Prevue Express, Sneak Prevue, KTLA KTLA KCBS TV in Los Angeles , WGN WGN Wellington WGN White Gaussian Noise WGN World's Greatest Newspaper (Chicago, IL, USA) WGN World Gastroenterology News WGN We Got Nomar WGN World's Greatest Network WGN Wireless Network Gateway WGN Wagon and WPIX to over 100 million cable and satellite subscribers along with many other products and services to cable and satellite system operators worldwide. UVSG also operates and manages Superstar/Netlink Group, the largest provider of C-bank DTH (Direct-To-Home) Typically refers to satellite TV broadcasting directly to a dish antenna on the roof of a house. See DBS. video services with 1.2 million customers. UVSGA companies include Prevue Networks, Prevue International, Prevue Interactive, Sneak Prevue, L.L.C., Superstar Satellite Entertainment, UVTV, SpaceCom Systems, SSDS SSDS SQL Server Data Services SSDS Ship Self Defense System SSDS Space Science Data System (NASA) SSDS Sudden Sniffing Death Syndrome SSDS Secure Software Distribution System SSDS Sexual Self-Disclosure Scale , Television Games Network, United Video Network Sales, United Video Enterprise Solutions and United Video Technology Venture. For up to date information about the United Video Satellite Group of companies, please access our Internet home page at http://www.uvsg.com. Source Media is a leader in localized new media content, advertising and technology. Source Media's interactive agency, IT Network, provides streaming media content and advertising services over PC, Telephone and Digital Cable TV. Source Media's Interactive Channel is the localized interactive cable TV programming service designed for today's Digital Cable TV programming tiers. Source Media's VirtualModem(TM) develops and markets the intellectual property, software, and patents behind the company's interactive cable TV technology, which includes Internet on TV. For up to date information about Source Media, please access our Internet home page at http://www.sourcemedia.com. Source Media trades on The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol SRCM. |
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