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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. *)
Ascent Entertainment Group, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
043628106
(CUSIP Number)
Benjamin L. Douglas, Esq.
Shartsis Friese & Ginsburg
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
- -------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
May 24, 1999
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D,
and is filing this schedule because of Sections 240.13d-1(e), 240.13d-
1(f) or 240.13d-1(g), check the following box / /.
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Section
240.13d-7(b) for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 2 of 14 Pages
- -------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Snyder Capital Management, L.P.
- -------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
- -------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF and WC
- -------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
- -------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ---------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 3,172,690
REPORTING ---------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
---------------------------------------
10 SHARED DISPOSITIVE POWER
3,582,790
- -------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,582,790
- -------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- -------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.0%
- -------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN and IA
- -------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 3 of 14 Pages
- -------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Snyder Capital Management, Inc.
- -------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /XX/
(b) / /
- -------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- -------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
- -------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ---------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 3,172,690
REPORTING ---------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
---------------------------------------
10 SHARED DISPOSITIVE POWER
3,582,790
- -------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,582,790
- -------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- -------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.0%
- -------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 4 of 14 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of
Ascent Entertainment Group, Inc. (the "Issuer"). The principal
executive office of the Issuer is located at 1225 Seventeenth Street,
Suite 800, Denver, CO 80202.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in
Instruction C of Schedule 13D and, where applicable, their respective
places of organization, general partners, directors, executive officers
and controlling persons, and the information regarding them, are as
follows:
(a) The names of the persons filing this statement are Snyder
Capital Management, L.P. ("SCMLP") and Snyder Capital Management, Inc.
("SCMI") (collectively, the "Filers"). Persons enumerated in
Instruction C of Schedule 13D are Alan Barry Snyder ("Snyder"), Walter
Niemasik, Jr. ("Niemasik"), Margot Thorington Murtaugh ("Murtaugh"),
Robert John Stanton ("Stanton"), Steven James Block ("Block"), Peter
Stuart Voss ("Voss"), Susan Roberta Katz-Snyder ("Katz-Snyder") and
Sherry Ann Umberfield ("Umberfield") (collectively, with the Filers,
the "Named Persons").
SCMI is the sole general partner of SCMLP. Both SCMLP and SCMI
are wholly owned by Nvest Companies, L.P. ("Nvest Companies"), a
limited partnership affiliated with Nvest, L.P., a publicly traded
limited partnership. The general partner of Nvest, L.P. and the
managing general partner of Nvest Companies is an indirect, wholly
owned subsidiary of Metropolitan Life Insurance Company ("MetLife").
As of June 30, 1998, MetLife beneficially owned all of the general
partner interests in Nvest Companies and Nvest, L.P. and, in the
aggregate, general partner and limited partner interests of Nvest
Companies and Nvest, L.P. representing approximately 47% of the
economic interests in the business of Nvest Companies.
SCMI and Nvest Companies operate under an understanding that all
investment and voting decisions regarding advisory accounts managed by
SCMLP are to be made by SCMI and SCMLP and not by Nvest Companies or
any entity controlling Nvest Companies. Accordingly, SCMI and SCMLP do
not consider Nvest Companies or any entity controlling Nvest Companies
to have any direct or indirect control over the securities held in
managed accounts.
(b) The business address of SCMLP, SCMI, Snyder, Niemasik,
Murtaugh, Stanton, Block and Katz-Snyder is 350 California Street, San
Francisco, CA 94104. The business address of Voss, Umberfield, Nvest
Companies and Nvest, L.P. is 399 Boylston Street, Boston, MA 02116.
The business address of MetLife is One Madison Avenue, New York, New
York 10010.
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 5 of 14 Pages
(c) SCMLP is an investment adviser registered under the
Investment Advisers Act of 1940. SCMI is the sole general partner of
SCMLP. Snyder is the President of SCMI. Niemasik, Murtaugh, Stanton
and Block are the Vice Presidents of SCMI. Snyder, Niemasik, Voss,
Katz-Snyder and Umberfield are the directors of SCMI. Voss and
Umberfield are also the President and Executive Vice President,
respectively, of Nvest Companies.
(d) During the last five years, none of the Named Persons has
been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors).
(e) During the last five years, none of the Named Persons was a
party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is
subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect
to such laws.
(f) SCMLP is a Delaware limited partnership. SCMI is a Delaware
corporation. Snyder, Niemasik, Murtaugh, Stanton, Block, Voss, Katz-
Snyder and Umberfield are all citizens of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as
follows:
Purchaser Source of Funds Amount
SCMLP Funds Under Management $38,824,542
ITEM 4. PURPOSE OF TRANSACTION.
SCMLP acquired the Stock on behalf of its advisory clients for the
purpose of investment. None of the Filers has any present plans or
intentions to acquire or dispose of any securities of the Issuer other
than on behalf of SCMLP's advisory clients for the purpose of
investment.
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 6 of 14 Pages
On May 5, 1999, Snyder, the President of SCMI, sent a letter to each
member of the Issuer's Board of Directors. That letter, which is
attached as Exhibit A hereto and incorporated herein by reference,
raised concerns regarding the Issuer's recent agreement to sell various
assets. Because the Issuer and its directors and officers have failed
to respond to that letter, even two weeks after they received it, SCMLP
has concluded that the Issuer's Board of Directors has little regard
for enhancing stockholder value. Therefore, SCMLP intends to request
that the Board take steps to sell all of the Issuer's significant
assets at the highest possible prices.
SCMLP has communicated, and intends to communicate, with the Issuer's
Board of Directors and other stockholders to discuss these issues. In
addition, SCMLP may discuss these issues with its legal and other
advisers.
SCMLP may purchase at any time or times on behalf of its advisory
clients additional shares of the Stock or other securities of the
Issuer. SCMLP may at any time or times cause its advisory clients to
dispose of any or all securities of the Issuer in any lawful manner.
SCMLP's advisory clients reserve all of their rights as stockholders of
the Issuer and may exercise those rights in any manner that they or
SCMLP consider to be in the interests of such clients.
Other than as described above, none of the Filers has any present plans
or proposals that relate to, or would result in, any of the
transactions or events described in Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
To the knowledge of the Filers, the beneficial ownership of the Stock
by the Filers is reflected on the cover pages of each Filer and the
other Named Persons do not beneficially own any Stock.
The persons filing this statement effected the following transactions
in the Stock on the dates indicated, and such transactions are the only
transactions by the persons filing this statement in the Stock since
March 24, 1999:
Purchase Number Price
Name or Sale Date of Shares Per Share
SCMLP P 03-29-99 5,300 $10.125
SCMLP P 03-29-99 27,000 $10.125
SCMLP P 03-29-99 5,500 $10.125
SCMLP P 03-29-99 1,300 $10.125
SCMLP P 03-29-99 3,900 $10.125
SCMLP P 03-30-99 11,100 $10.686
SCMLP P 03-30-99 8,600 $10.686
SCMLP P 03-30-99 8,000 $10.686
SCMLP P 03-30-99 5,100 $10.686
SCMLP P 03-30-99 3,200 $10.686
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 7 of 14 Pages
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SCMLP P 03-30-99 19,500 $10.686
SCMLP P 03-30-99 13,300 $10.686
SCMLP P 03-30-99 18,400 $10.686
SCMLP P 04-01-99 10,000 $11.000
SCMLP P 04-01-99 10,000 $11.000
SCMLP P 04-05-99 4,000 $11.500
SCMLP P 04-06-99 14,600 $12.000
SCMLP P 04-06-99 26,800 $12.000
SCMLP P 04-07-99 8,000 $12.500
SCMLP P 04-07-99 4,000 $12.500
SCMLP P 04-07-99 9,000 $12.500
SCMLP P 04-07-99 9,000 $12.500
SCMLP P 04-07-99 6,000 $12.500
SCMLP P 04-07-99 9,000 $12.500
SCMLP P 04-07-99 10,000 $12.500
SCMLP P 04-07-99 20,000 $12.500
SCMLP P 04-07-99 20,000 $12.500
SCMLP P 04-07-99 8,000 $12.500
SCMLP P 04-07-99 3,000 $12.500
SCMLP P 04-07-99 2,000 $12.500
SCMLP P 04-07-99 12,000 $12.500
SCMLP P 04-08-99 3,000 $12.750
SCMLP P 04-08-99 2,500 $12.750
SCMLP P 04-08-99 2,000 $12.750
SCMLP P 04-08-99 5,000 $12.625
SCMLP P 04-08-99 5,000 $12.625
SCMLP P 04-08-99 10,500 $12.717
SCMLP P 04-08-99 1,000 $12.717
SCMLP P 04-08-99 200 $12.717
SCMLP P 04-08-99 5,500 $12.717
SCMLP P 04-08-99 800 $12.717
SCMLP P 04-08-99 1,000 $12.717
SCMLP P 04-08-99 7,500 $12.717
SCMLP P 04-08-99 1,000 $12.717
SCMLP P 04-08-99 5,000 $12.717
SCMLP P 04-08-99 10,500 $12.717
SCMLP P 04-08-99 3,000 $12.717
SCMLP P 04-08-99 6,500 $12.717
SCMLP P 04-08-99 8,000 $12.717
SCMLP P 04-08-99 5,000 $12.625
SCMLP P 04-09-99 7,200 $12.750
SCMLP P 04-09-99 2,200 $12.750
SCMLP P 04-09-99 6,700 $12.750
SCMLP P 04-09-99 7,300 $12.750
SCMLP P 04-09-99 1,600 $12.750
SCMLP P 04-09-99 5,000 $12.625
SCMLP P 04-09-99 5,000 $12.625
SCMLP P 04-09-99 15,000 $12.625
SCMLP P 04-14-99 7,000 $11.224
SCMLP P 04-14-99 14,000 $11.224
SCMLP P 04-14-99 20,000 $11.224
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 8 of 14 Pages
- -------------------------------------------------------------------
SCMLP P 04-14-99 10,000 $11.224
SCMLP P 04-14-99 2,000 $11.224
SCMLP P 04-14-99 7,000 $11.224
SCMLP P 04-14-99 3,000 $11.224
SCMLP P 04-14-99 8,000 $11.224
SCMLP P 04-14-99 14,000 $11.224
SCMLP P 04-14-99 6,000 $11.224
SCMLP P 04-14-99 12,000 $11.224
SCMLP P 04-14-99 12,000 $11.224
SCMLP P 04-19-99 12,500 $12.000
SCMLP P 04-20-99 11,000 $11.871
SCMLP P 04-20-99 6,000 $11.871
SCMLP P 04-22-99 5,500 $12.000
SCMLP P 04-23-99 15,000 $12.125
SCMLP P 04-26-99 5,700 $11.173
SCMLP P 04-26-99 5,500 $11.173
SCMLP P 04-26-99 4,200 $11.173
SCMLP P 04-26-99 800 $11.173
SCMLP P 04-26-99 4,000 $11.173
SCMLP P 04-26-99 1,000 $11.173
SCMLP P 04-26-99 3,300 $11.173
SCMLP P 04-26-99 2,400 $11.173
SCMLP P 04-26-99 2,800 $11.173
SCMLP P 04-26-99 3,400 $11.173
SCMLP P 04-26-99 7,100 $11.173
SCMLP P 04-26-99 3,200 $11.173
SCMLP P 04-26-99 12,800 $11.173
SCMLP P 04-26-99 900 $11.173
SCMLP P 04-26-99 3,600 $11.173
SCMLP P 04-26-99 10,100 $11.173
SCMLP P 04-26-99 3,600 $11.173
SCMLP P 04-26-99 1,800 $11.173
SCMLP P 04-26-99 4,400 $11.173
SCMLP P 04-26-99 18,800 $11.173
SCMLP P 04-26-99 7,200 $11.173
SCMLP P 04-26-99 2,500 $11.173
SCMLP P 04-26-99 4,700 $11.173
SCMLP P 04-26-99 3,500 $11.173
SCMLP P 04-26-99 4,700 $11.173
SCMLP P 04-26-99 6,700 $11.173
SCMLP P 04-26-99 1,000 $11.173
SCMLP P 04-26-99 300 $11.173
SCMLP P 04-26-99 11,000 $11.340
SCMLP P 04-26-99 22,100 $11.173
SCMLP P 04-26-99 134,600 $11.340
SCMLP P 04-26-99 41,600 $11.340
SCMLP P 04-26-99 5,700 $11.340
SCMLP P 04-26-99 2,500 $11.173
SCMLP P 04-26-99 20,500 $11.340
SCMLP P 04-26-99 3,000 $11.340
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 9 of 14 Pages
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SCMLP P 04-26-99 3,500 $11.340
SCMLP P 04-26-99 81,500 $11.340
SCMLP P 04-26-99 2,200 $11.340
SCMLP P 04-26-99 2,700 $11.340
SCMLP P 04-26-99 2,300 $11.340
SCMLP P 04-26-99 1,600 $11.340
SCMLP P 04-26-99 4,000 $11.340
SCMLP P 04-26-99 3,300 $11.340
SCMLP P 04-26-99 2,900 $11.340
SCMLP P 04-26-99 200 $11.340
SCMLP P 04-26-99 3,400 $11.340
SCMLP P 04-28-99 10,000 $10.625
SCMLP P 04-29-99 4,500 $10.750
SCMLP P 04-29-99 5,200 $10.750
SCMLP P 04-29-99 5,300 $10.750
SCMLP P 04-29-99 13,000 $10.750
SCMLP P 04-29-99 800 $10.750
SCMLP P 04-29-99 3,600 $10.750
SCMLP P 04-29-99 1,300 $10.750
SCMLP P 04-29-99 3,600 $10.750
SCMLP P 04-29-99 2,000 $10.750
SCMLP P 04-29-99 1,500 $10.750
SCMLP P 04-29-99 3,000 $10.750
SCMLP P 04-29-99 1,000 $10.750
SCMLP P 04-29-99 4,200 $10.750
SCMLP P 04-29-99 200 $10.750
SCMLP P 04-29-99 700 $10.750
SCMLP P 04-29-99 600 $10.750
SCMLP P 04-29-99 6,700 $10.750
SCMLP P 04-29-99 5,500 $10.750
SCMLP P 04-29-99 4,300 $10.750
SCMLP P 04-30-99 3,800 $10.625
SCMLP P 05-03-99 7,100 $10.495
SCMLP P 05-03-99 8,800 $10.495
SCMLP P 05-03-99 1,500 $10.495
SCMLP P 05-03-99 16,800 $10.495
SCMLP P 05-03-99 9,200 $10.495
SCMLP P 05-03-99 15,800 $10.495
SCMLP P 05-03-99 19,200 $10.495
SCMLP P 05-03-99 5,700 $10.495
SCMLP P 05-03-99 2,000 $10.495
SCMLP P 05-03-99 1,500 $10.495
SCMLP P 05-03-99 11,300 $10.495
SCMLP P 05-03-99 14,700 $10.495
SCMLP P 05-04-99 12,000 $10.625
SCMLP P 05-04-99 12,000 $10.625
SCMLP P 05-04-99 8,000 $10.625
SCMLP P 05-04-99 1,600 $10.625
SCMLP P 05-04-99 8,000 $10.625
SCMLP P 05-04-99 2,000 $10.625
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 10 of 14 Pages
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SCMLP P 05-04-99 6,400 $10.625
SCMLP P 05-04-99 4,000 $10.625
SCMLP P 05-04-99 4,400 $10.625
SCMLP P 05-04-99 7,000 $10.625
SCMLP P 05-04-99 13,000 $10.625
SCMLP P 05-04-99 5,700 $10.625
SCMLP P 05-04-99 26,000 $10.625
SCMLP P 05-04-99 2,000 $10.625
SCMLP P 05-04-99 6,400 $10.625
SCMLP P 05-04-99 14,000 $10.625
SCMLP P 05-04-99 6,400 $10.625
SCMLP P 05-04-99 3,400 $10.625
SCMLP P 05-04-99 8,000 $10.625
SCMLP P 05-04-99 41,000 $10.625
SCMLP P 05-04-99 15,000 $10.625
SCMLP P 05-04-99 5,300 $10.625
SCMLP P 05-04-99 23,000 $10.625
SCMLP P 05-04-99 10,000 $10.625
SCMLP P 05-04-99 8,000 $10.625
SCMLP P 05-04-99 38,000 $10.625
SCMLP P 05-04-99 14,800 $10.625
SCMLP P 05-04-99 2,300 $10.625
SCMLP P 05-04-99 1,700 $10.625
SCMLP P 05-04-99 24,000 $10.625
SCMLP P 05-04-99 47,000 $10.625
SCMLP P 05-04-99 67,000 $10.625
SCMLP P 05-04-99 21,000 $10.625
SCMLP P 05-04-99 11,500 $10.625
SCMLP P 05-04-99 20,000 $10.625
SCMLP P 05-04-99 22,000 $10.625
SCMLP P 05-04-99 33,000 $10.625
SCMLP P 05-04-99 37,000 $10.625
SCMLP P 05-04-99 45,000 $10.625
SCMLP P 05-04-99 28,700 $10.625
SCMLP P 05-04-99 106,000 $10.625
SCMLP P 05-04-99 8,000 $10.625
SCMLP P 05-04-99 40,000 $10.625
SCMLP P 05-04-99 7,600 $10.625
SCMLP P 05-04-99 21,000 $10.625
SCMLP P 05-04-99 12,500 $10.625
SCMLP P 05-04-99 12,000 $10.625
SCMLP P 05-04-99 18,000 $10.625
SCMLP P 05-04-99 8,800 $10.625
SCMLP P 05-04-99 5,500 $10.625
SCMLP P 05-04-99 21,000 $10.625
SCMLP P 05-04-99 33,000 $10.625
SCMLP P 05-04-99 2,400 $10.625
SCMLP P 05-04-99 6,700 $10.625
SCMLP P 05-04-99 3,600 $10.625
SCMLP P 05-04-99 40,000 $10.625
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 11 of 14 Pages
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SCMLP P 05-04-99 22,000 $10.625
SCMLP P 05-04-99 35,000 $10.625
SCMLP P 05-04-99 31,800 $10.625
SCMLP P 05-04-99 9,000 $10.625
SCMLP P 05-04-99 3,400 $10.625
SCMLP P 05-04-99 2,400 $10.625
SCMLP P 05-04-99 19,400 $10.625
SCMLP P 05-04-99 24,300 $10.625
SCMLP P 05-04-99 11,000 $10.625
SCMLP P 05-04-99 30,000 $10.625
All transactions were executed through the Nasdaq National Market.
SCMLP is a registered investment adviser whose clients have the right
to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the Stock. No individual client's holdings
of the Stock are more than five percent of the class.
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 12 of 14 Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
SCMLP is a registered investment adviser whose clients have the right
to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the various securities in which their assets
are invested, including the Stock. Depending on SCMLP's agreements
with each advisory client, the client may have no right, a shared right
or an exclusive right to direct the voting of the Stock.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Letter from Alan B. Snyder to Members of the Issuer's Board
of Directors dated May 5, 1999.
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I
certify that the information set forth in this statement is true,
complete and correct.
DATED: May 24, 1999
SNYDER CAPITAL MANAGEMENT, L.P.
By: Snyder Capital Management, Inc.
General Partner
By: /s/ Steven J. Block
Steven J. Block
Vice President
SNYDER CAPITAL MANAGEMENT, INC.
By: /s/ Steven J. Block
Steven J. Block
Vice President
<PAGE>
SCHEDULE 13D
CUSIP No. 043628106 Page 13 of 14 Pages
Exhibit A
May 5, 1999
[Board Member's Name]
Member, Board of Directors
Ascent Entertainment Group, Inc.
1225 Seventeenth Street, Suite 1800
Denver, Colorado 80202
Dear [Board Member's Name]:
As a holder of more than 3.6 million shares of stock in Ascent
Entertainment Group, I am writing this letter to express my outrage at
the apparent disregard for shareholder value evidenced by the Board of
Directors of the company.
We had originally visited top management of the company nearly two
years ago, with the intention of investing in the stock. After our
meeting, we decided at the time to not buy the stock due to our
perception that top management was not truly focused on shareholder
value. After the Beacon transaction, and several public comments by
Charles Lyons concerning his interest in finally attempting to realize
value in the company, we decided to invest.
The recent transaction for the sale of the Colorado Avalanche, Denver
Nuggets and Pepsi Center, however, appears to be self-dealing and a
breach of fiduciary duty. Despite the stated withdrawal of Mr. Lyons
from the actual vote on the transaction, the actions of him and the
Board give the strong appearance of a group acting in its own self-
interest:
1) The hiring of Allen & Co. as investment banker, even though a
representative of that firm sits on the company Board, and apparently
voted on the transaction.
2) The lack of any apparent attempt to publicize the fact that a sale
process was underway in order to obtain the best possible price for
shareholders (based on comments of surprise from several sports
consultants who we have talked to, as well as statements in the press).
3) The fact that Mr. Lyons is not only taking an equity position in
the Lurie group, but refuses to even disclose the terms of his deal,
despite being President of a public company.
4) The price for the teams, which is lower than most previously
published estimates, and is little more than the expansion fees from
the NBA and NHL for new, unproven teams.
5) The apparent sale of the Pepsi Center at a price which merely
approximates raw construction costs, and ignores the tremendous
incremental value from such items as the potential near monopoly
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SCHEDULE 13D
CUSIP No. 043628106 Page 14 of 14 Pages
position it will have in the Denver market--a situation which was not
certain when plans were first made for the Center.
6) The fact that the Board is not even going to allow shareholders to
vote on this major transaction--hiding behind an arguable legal
opinion, for a Delaware corporation, that a vote is not required does
not answer the moral and ethical question of letting shareholders have
some say in what is done with their assets. (Especially since this
Board has presided over a company in which the stock has declined by
56% from the peak in mid-1996 to today in the midst of perhaps the
greatest bull market in U.S. history.)
7) It is our opinion that the sales price agreed to by the Board is
possibly $100-$150 million less than what could have been received in a
truly open auction process. In addition, the timing of the sale of the
Pepsi Center, before it has even opened, does not appear calculated to
receive maximum value.
Based on the actions taken to date by this Board, we are also fearful
that further potentially self-dealing activity may occur with the
remainder of the assets. The value of On Command Corporation, in the
face of the recent huge increases in prices for cable companies, is
likely to be substantially above current levels. Even though the
businesses are not strictly comparable, a true auction process for sale
of this asset should result in significant appreciation.
Ascent Network Services could also be sold for a good price if
management would negotiate a long-term extension of the NBC contract,
rather than follow the lead of the Pepsi Center and sell while there is
still uncertainty regarding the future of this business.
I look forward to your response to my concerns.
With kind regards,
/s/ Alan B. Snyder
Alan B. Snyder
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