Ascent Media Corporation (“Ascent”) (Nasdaq: ASCMA) announced that at a special shareholders' meeting held today, the shareholders of Ascent approved the proposal to sell Ascent’s Content Distribution business, pursuant to a definitive agreement (“Agreement”) dated December 2, 2010, to Encompass Digital Media, Inc. (“Encompass”). Encompass is a leader in digital media services and operates two of the largest independent broadcast facilities in the U.S.
Ascent shareholders as of the close of business on January 24, 2011 were entitled to vote at the meeting. A total of approximately 17,204,593 votes, representing approximately 82% of the total outstanding voting power were present, in person or by proxy, at the meeting. More than 77.2% of Ascent’s outstanding voting power voted in favor of the agreement, and therefore the proposal was approved.
Subject to the satisfaction of certain conditions set forth in the Agreement, the transaction is expected to close on or about February 28, 2011.
About Ascent Media Corporation
Ascent Media Corporation is a holding company and owns 100 percent of its operating subsidiary, Monitronics International, Inc., one of the nation’s largest, fastest-growing home security alarm monitoring companies. On December 31, 2010, Ascent completed the previously announced sale of the Creative Services and Media Management Services business units operated by Ascent Media Group, LLC, and its subsidiaries (“AMG”). The Content Distribution business, the sale of which was the subject of the Special Meeting, was also previously a unit of AMG.
About Encompass Digital Media, Inc.
Encompass, a leader in digital media services, owns and operates two of the largest, independent broadcast facilities in the U.S. in Los Angeles and Atlanta. Total media solutions include network origination; cable neighborhood platforms; centralcasting; disaster recovery; satellite and fiber transmissions (full time and occasional use); a fleet of satellite uplink trucks; digital media encoding services; digital file transfers via satellite, fiber and IP; emergency communications; governmental SATCOM; production studios; and video production services.