Liberty Strengthens On Command Hold9/10/2003 6:13 AM Eastern
Liberty Media Corp. is continuing its drive to solidify its holdings, this
time announcing that it has entered a definite merger agreement to acquire the
remaining shares of its On Command Corp. hotel video-provider subsidiary.
The deal would bring Liberty the remaining 26% of the issued and outstanding
On Command shares it does not already own. In exchange, On Command stockholders
would receive 0.166 shares of Liberty series-A common stock for each On Command
The transaction has been approved by a committee of On Command’s board of
directors, but it is still subject to approval of the outstanding On Command
Liberty has spent much of this summer shoring up its holdings.
In July, it entered an agreement to buy out Comcast Corp.’s 57% ownership
stake in QVC Inc., giving it a 98% controlling ownership.
And last month, it entered an agreement to buy up outstanding shares in
international broadband-service provider UnitedGlobalCom Inc., bringing its
ownership stake to 75% and its voting-stock hold to 96%.