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EXHIBIT 1
For immediate release
Janet Parrish Jeffrey Goldberger
The Todd-AO Corporation Stern & Co.
(323) 962-5304 (212) 888-0044
TODD-AO AND LIBERTY MEDIA ANNOUNCE CHANGES IN
TRANSACTION WITH SOUNDELUX
LOS ANGELES, CA, JUNE 9, 2000 - Liberty Media Group (NYSE:LMG.A, LMG.B) and
The Todd-AO Corporation (NMS:TODDA) announced today that they are in discussions
with privately-held SounDelux Entertainment Group, regarding a transaction that
would supersede Liberty Media's previously announced acquisition of a
controlling interest in SounDelux. Under the proposal, which is subject to
corporate approvals, definitive documentation and other conditions, Liberty
Media would acquire 100% of the post production, sound and related businesses of
SounDelux for approximately $90 million in cash. SounDelux would retain its
location based entertainment and theatre design businesses.
Stockholders of Todd-AO meet today to consider a number of proposals,
including Liberty Media's pending acquisition of a controlling interest in
Todd-AO, and the subsequent acquisition by Todd-AO, in separate transactions, of
the assets of Four Media Company and SounDelux. That previously announced
transaction between Todd-AO and SounDelux has been deferred indefinitely,
pending the outcome of negotiations between Liberty Media and SounDelux.
Spokesmen for Liberty Media and Todd-AO confirmed that, if Liberty Media does
acquire assets of SounDelux pursuant to the revised transaction, such assets
would probably be combined with Todd-AO, on terms to be agreed. However, there
can be no assurances that any such transaction will be consummated.
The ongoing discussions among Liberty Media, Todd-AO and SounDelux are not
expected to have any effect on the proposed transactions between Liberty Media
and Todd-AO, and between Todd-AO and Four Media, respectively. Such transactions
are still expected to close shortly after today's stockholder vote, assuming
receipt of all necessary stockholder approvals.
ABOUT LIBERTY MEDIA GROUP
Liberty Media holds interests in a broad range of video programming,
communications, technology and Internet businesses in the United States, Europe,
South America and Asia.
ABOUT TODD-AO CORPORATION
The Todd-AO Corporation has been a pioneer in motion picture and television
post production since 1952. The company maintains production offices in Los
Angeles, New York, Atlanta, London and Barcelona. Todd-AO offers the industry's
most up-to-date, comprehensive, strategically located post production
facilities.
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Subject to stockholder approval, on June 9, 2000, Todd-AO will change its
corporate name to Liberty Livewire Corporation. Effective June 12, 2000, the
company's class A common stock will begin trading on the Nasdaq National Market
under the symbol LWIRA.
This press release contains forward-looking statements which are made pursuant
to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of
1995. Words such as "intends," "believes" and similar expressions reflecting
something other than historical fact are intended to identify forward-looking
statements, but are not the exclusive means of identifying such statements.
These forward-looking statements involve a number of risks and uncertainties,
including the timely development and market acceptance of products and
technologies, successful integration of acquisitions, the ability to secure
additional sources of financing, the ability to reduce operating expenses and
other factors described in the Company's filings with the Securities and
Exchange Commission. The actual results that the Company achieves may differ
materially from any forward-looking statement due to such risks and
uncertainties. The Company undertakes no obligations to revise or update any
forward-looking statements in order to reflect events or circumstances that may
arise after the date of this release.
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