Liberty Media's deal to acquire Ascent Entertainment's
assets, including the Nuggets, Avalanche and Pepsi Center,
was finalized late last night, according to Steve Caulk of
the ROCKY MOUNTAIN NEWS. With the close of the deal,
investment bankers for Liberty "collected" 85% of Ascent's
outstanding stock as of last night, valuing the acquisition
at $755M. Liberty will pay Ascent shareholders $15.25 per
share and assume $295M in Ascent debt. Sources "expect"
Liberty to take 100% ownership "within months and retain
Ascent's non-sports assets." Meanwhile, the Nuggets,
Avalanche and Pepsi Center "could have new ownership by the
summer" (ROCKY MTN NEWS, 3/28). In a sidebar, Caulk adds
that Liberty "can't sell the [Nuggets] until the NBA
recognizes it as an owner." However, Ascent shareholder
Nelson Peltz noted that Liberty "will probably be more
successful finding a buyer" for the sports assets than
Ascent because it "will be in a stronger negotiating
position." Peltz, on Liberty: "They won't have a
contentious board to deal with" (ROCKY MTN NEWS, 3/28).
BARGAIN HUNTER: In St. Louis, Jeff Gordon writes that
Rams Minority Partner Stan Kroenke "is interested in buying"
the Nuggets, Avalanche and Pepsi Center only if he "gets
them at a decent price" (ST. LOUIS POST-DISPATCH, 3/28).
