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31/08/2006

Liberty Completes First Stage of IDT Acquisition

Liberty Media Corporation has completed the first stage of the acquisition of IDT Corporation’s Entertainment division, parent of Anchor Bay Entertainment.
The deal encompasses all of IDT Entertainment’s US operations and several international operations. The remainder of the deal, to include the Canadian and Australian operations, is expected to be closed in the next few weeks after regulatory approval has been given.
IDT’s Entertainment Division will come under the Starz Entertainment Group subsidiary.
Liberty President and CEO Gregory B. Maffei commented: “Joining IDT Entertainment and Starz will allow both to benefit and grow as part of an integrated media organisation with substantial programming production capabilities and access to all distribution outlets. This transaction advances our strategy of converting passive assets into operating business units.”
Jim Courter, CEO at IDT Corporation added: “In a few short years, IDT Entertainment grew from a start-up to a producer and distributor of first class animated and live action rogramming. The next phase of its development will be directed by Liberty Media, a company with a record for realising the potential of media and entertainment assets."
Liberty Media Corporation is a holding company owning interests in a broad range of electronic retailing, media, communications and entertainment businesses.
(DS/SP)
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