DMX MUSIC Obtains Court Approval of Sale of Assets to THP Capstar, Inc.
13 Maio 2005 - 3:34PM
PR Newswire (US)
DMX MUSIC Obtains Court Approval of Sale of Assets to THP Capstar,
Inc. LOS ANGELES, May 13 /PRNewswire/ -- DMX MUSIC, Inc., a global
leader in delivering integrated audio and visual media solutions to
100 million daily listeners in homes, airlines and businesses
around the world, today announced that it has obtained bankruptcy
court approval for the sale of all of DMX MUSIC's domestic and
international operations to THP Capstar, Inc. The parties have
jointly submitted the Sale Order to the Bankruptcy Court for entry
and anticipate that will happen shortly. THP Capstar, Inc. is an
affiliate of Capstar Partners, LLC, a private investment company
led by Steve Hicks with a focus on traditional and early stage
investments in broadcast/media, distributed content and media
technology. Partnering with Capstar in THP Capstar, Inc. is Trinity
Hunt Partners, a Dallas-based, regionally-focused private equity
firm specializing in investments in established middle market
companies in the media, manufacturing, business services,
healthcare and consumer products industries. Silver Point Finance,
LLC is providing debt financing for the transaction. On February
14, 2005, DMX MUSIC and THP Capstar announced they had signed an
Asset Purchase Agreement for the sale of DMX MUSIC operations,
subject to a court-supervised sale process. THP Capstar was the
successful bidder in an auction that was conducted on May 9, 2005
in Wilmington, Delaware. The transaction is subject to customary
conditions and is scheduled to close on or before May 30, 2005. "We
are pleased that the bidding process has confirmed our belief that
we had secured the best and highest bid for DMX MUSIC and its
stakeholders," said Mark Rozells, President and Chief Executive
Officer of DMX MUSIC. Steve Hicks, Chairman and CEO of THP Capstar,
Inc. commented, "Under new ownership, DMX MUSIC is well positioned
to capitalize on its leading market position, proprietary
technology and significant operational improvements while having
greater access to financial resources necessary to support future
growth." DMX MUSIC filed voluntary petitions for reorganization
under Chapter 11 of the U.S. Bankruptcy Code in the District of
Delaware in Wilmington on February 14, 2005. About DMX MUSIC DMX
MUSIC, Inc. is a majority-owned subsidiary of Liberty Media
Corporation (NYSE:LNYSE:LMC.B). Operating in more than 100
countries, DMX MUSIC is headquartered in Los Angeles with offices
throughout the United States and internationally in Australia,
Belgium, Canada, The Czech Republic, France, Germany, Holland,
Hungary, Poland, Spain, Japan and the United Kingdom. DMX MUSIC is
a global leader in digital music and visual imaging programming,
with one of the world's largest digital music and video libraries,
creating more than 500 unparalleled styles of commercial-free
programming delivered via digital cable, satellite, DVD and the
Internet. DMX MUSIC distributes its music and visual services
worldwide to more than 11 million homes, 180,000 businesses, and 30
airlines with a worldwide daily listening audience of more than 100
million people. For more information access the company's website
at http://www.dmxmusic.com/. About Capstar Partners, LLC Capstar
Partners, LLC, is a private investment company that participates in
both early stage funding and traditional investments. Capstar
Partners primary seed stage investments are in the areas of
Broadcast/Media, Distributed Content and Media Technology.
Traditional investments include real estate, publicly traded
stocks, and private non-technology companies. About Trinity Hunt
Partners Trinity Hunt Partners is a Dallas-based,
regionally-focused private equity firm specializing in leveraged
acquisitions, recapitalizations and late stage growth financings of
established middle market companies with enterprise values between
$15 million and $150 million in the media, manufacturing, business
services, healthcare and consumer products industries. About Silver
Point Finance, LLC Silver Point Finance, LLC, based in Greenwich,
Connecticut, is an independent provider of custom financing to
large and middle market companies. The firm combines extensive
experience in complex financings, cross-disciplinary expertise,
streamlined decision-making, and a commitment to building long-term
relationships with clients. Silver Point Finance is a business of
Silver Point Capital, which specializes in credit analysis and
diversified investments. DATASOURCE: DMX MUSIC, Inc. CONTACT:
Romelia Edwards, or Anita-Marie Laurie, both of Sitrick And
Company, +1-310-788-2850, for DMX MUSIC, Inc. Web site:
http://www.dmxmusic.com/
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