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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/