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NEW YORK (
Ascent Media(ASCMA - Get Report) shares climbed to a 52-week high today as the stock continues to gain on its recent acquisition of security systems provider
The transaction, which was completed on Dec. 17, was valued at about $1.2 billion.
The media company's share price has been steadily rising since it announced the merger, and gained close to 3% today, reaching a 52-week high of $38.89 in afternoon trading. The stock closed at $38.40.
The cash portion of the deal was $413 million and was funded by Ascent through cash on hand and $105 million in borrowings under a new $175 million credit facility.
"We are pleased to announce this transaction which addresses Ascent Media's stated objective of acquiring an operating company with proven management that exhibits an impressive track record of success," Ascent CEO William Fitzgerald said in a press release.
Investors are bullish on the news that Ascent has acquired Monitronics, which has recorded 16 consecutive years of revenue growth.
Ascent Media, which is partly owned by billionaire John Malone, recently announced it is selling its creative media services business to
Deluxe Entertainment for approximately $68 million. The deal is expected to close by the end of 2010. It also announced the sale of its content division to
Encompass, which is is expected to close by Feb. 28, 2011.
-- Written by Theresa McCabe in Boston.
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