SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): JANUARY 20, 1999
ASCENT ENTERTAINMENT GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-27192 52-1930707
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
1225 Seventeenth Street, Suite 1800
Denver, Colorado 80202
(Address of principal executive offices)
(303) 308-7000
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On January 20, 1999, Ascent Entertainment Group, Inc. ("Ascent") sold
90% of the membership interests in its Beacon Communications LLC subsidiary
("Beacon") to two entities (the "Buyers") controlled by Beacon's management
and venture capital investors. The purchase price for the 90% interest was
$19 million in cash, net of certain adjustments, after which Ascent received
approximately $16 million at closing. Ascent is also entitled to receive
future cash consideration of approximately $1 million, which Ascent expects
to receive in the first quarter 1999. After the sale, Ascent has no future
obligations to fund any of Beacon's liabilities or film development or
production commitments. The 10% interest in Beacon being retained by Ascent
is subject to limited purchase and sale options between Ascent and the Buyers
at a price proportionate to the purchase price. In the first quarter 1999,
Ascent expects to report a gain of approximately $5 million on the
transaction.
SOME OF THE STATEMENTS IN THIS FORM 8-K ARE FORWARD-LOOKING AND RELATE TO
ANTICIPATED FUTURE OPERATING RESULTS. FORWARD-LOOKING STATEMENTS ARE BASED
UPON ASCENT'S MANAGEMENT'S CURRENT ASSUMPTIONS, WHICH MAY BE AFFECTED BY
SUBSEQUENT DEVELOPMENTS AND BUSINESS CONDITIONS, AND NECESSARILY INVOLVE
RISKS AND UNCERTAINTIES. THEREFORE, THERE CAN BE NO ASSURANCE THAT ACTUAL
FUTURE RESULTS WILL NOT DIFFER MATERIALLY FROM ANTICIPATED RESULTS. READERS
SHOULD REFER TO ASCENT'S OTHER DISCLOSURE DOCUMENTS FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION, INCLUDING THE COMPANY'S ANNUAL REPORT ON FORM 10-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997 AND QUARTERLY REPORTS ON FORM
10-Q FOR THE FISCAL QUARTERS ENDED OCTOBER 31, 1998, JUNE 30, 1998, AND
MARCH 31, 1998, FOR SPECIFIC DETAILS ON SOME OF THE FACTORS THAT MAY AFFECT
OPERATING RESULTS.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ASCENT ENTERTAINMENT GROUP, INC.
By:/s/ Arthur M. Aaron
Arthur M. Aaron
Vice President, Business and Legal Affairs
Date: January 22, 1999
