Friday, December 3, 2010
Encompass Digital Media Buys Ascent Media's Content Distribution Business
Los Angeles-based Encompass Digital Media said today that it is in a definitive agreement to acquire the global content distribution business of Ascent Media Corporation. The deal is worth approximately $120M, split between $113M in cash plus assumption of debt obligations worth approximately $7M. The deal is being funded by capital from Macquarie Capital and Tennenbaum Capital Partners. Wasserstein & Co. is the majority owner of Encompass. Encompass Digital media provides network origination, centralcasting for TV stations, disaster recovery, satellite and fiber transmissions, satellite uplink trucks and digital media services to customers that include ABC, CBS, FOX and NBC Universal and many other broadcast and cable networks.