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BRIEFLY

Company Town Annex

April 20, 1996|Times Staff and Wire Reports

Ascent Entertainment to Buy Pay TV Provider: The Denver-based firm has agreed to acquire SpectraVision Inc., a Richardson, Texas-based provider of pay-television entertainment in hotel rooms that is currently operating under bankruptcy protection. The transaction will give creditors 27.5% of the new company in exchange for canceling $600 million in debt. Ascent Entertainment Group Inc. and minority shareholders of its On Command Video Corp. unit will own 72.5% of the new company, which will take the name On Command Video. The new company also will issue warrants to buy an additional 20% of its stock. The combined company will provide pay-per-view entertainment and information services to about 1 million hotel rooms worldwide, Ascent and SpectraVision said.

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