Ascent Media Corp. has inked a definitive agreement to divest the Creative and Media Services units of its Ascent Media Group to Deluxe Entertainment Services Group.
The transaction between the post-production outfits calls for some $68 million in cash, plus the assumption of unspecified amount of debt. It is expected to close before year-end.
"AMG's Creative Services group has provided pioneering post-production solutions for some of the most well known brands, directors and studios," said Ascent Media CEO William Fitzgerald in announcing the deal. "In Media Services, AMG has been an innovator in developing solutions to help customers manage and distribute content. Deluxe is a leader in both of these segments, and we believe that the transaction should accelerate growth and better serve the combined company's customers worldwide."
John Malone's Liberty Media Corp. owns a majority of Ascent Media Corp, which continues to own content distribution and systems integration businesses -- for now. The company said it is pursuing strategic alternatives for both of those units.
Ascent was also in the news this past spring as it emerged as a bidder to purchase Bresnan Communications, the 300,000-plus subscribers MSO that was eventually secured by Cablevision Systems Corp. for some $1.37 billion.