Double C Technologies, a Joint Venture of Comcast and Cox, Completes Purchase of Liberate's North American Business
07 Abril 2005 - 2:08PM
PR Newswire (US)
Double C Technologies, a Joint Venture of Comcast and Cox,
Completes Purchase of Liberate's North American Business SAN MATEO,
Calif., April 7 /PRNewswire-FirstCall/ -- Liberate Technologies
(Pink Sheets: LBRT) and Double C Technologies, LLC, a joint venture
majority owned and controlled by Comcast Corporation
(NASDAQ:CMCSANASDAQ:CMCSK) with a minority investment by Cox
Communications, Inc., today announced the completion of the
previously announced purchase by Double C of substantially all of
the North American assets of Liberate. Liberate received cash
consideration of approximately $82 million. Double C will continue
the operation located in London, Ontario, Canada and is continuing
employment for approximately 130 employees. Double C will build
upon the software platform that was acquired to provide a flexible
platform for adding new digital cable products and applications.
This flexibility is of particular importance to Comcast and Cox as
digital cable products continue to evolve and interactive features
become more widespread. Double C will operate under the business
name TVWorks. As a result of the closing of the transaction, the
special dividend in the amount of $2.10 per share of Liberate
common stock previously declared by the Board of Directors of
Liberate on March 25, 2005 is now payable to stockholders of record
as of April 4, 2005. In accordance with the NASD rules, the
ex-dividend date will be April 11, 2005. About Liberate
Technologies Liberate Technologies (http://www.liberate.com/) is a
leading provider of software for digital cable systems. Based on
industry standards, Liberate's software enables cable operators to
run multiple services -- including high- definition television,
video on demand, and personal video recorders -- on multiple
platforms. Liberate and the Liberate design are registered
trademarks of Liberate Technologies. Other product names used in
association with these registered trademarks are trademarks of
Liberate Technologies. About Comcast Corporation Comcast
Corporation (NASDAQ:CMCSANASDAQ:CMCSK) (http://www.comcast.com/) is
the nation's leading provider of cable, entertainment and
communications products and services. With 21.5 million cable
customers and 7 million high-speed Internet customers, Comcast is
principally involved in the development, management and operation
of broadband cable networks and in the delivery of programming
content. Comcast's content networks and investments include E!
Entertainment Television, Style Network, The Golf Channel, Outdoor
Life Network, G4, AZN Television, TV One and four Comcast
SportsNets. Comcast also has a majority ownership in
Comcast-Spectacor, whose major holdings include the Philadelphia
Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team
and two large multipurpose arenas in Philadelphia. About Cox
Communications, Inc. Cox Communications, Inc. (http://www.cox.com/)
is a multi-service broadband communications company with
approximately 6.6 million total customers, including approximately
6.3 million basic cable subscribers. The nation's third-largest
cable television provider, Cox offers analog cable television under
the Cox Cable brand as well as digital video service under the Cox
Digital Cable brand. Cox provides an array of other communications
and entertainment services including local and long-distance
telephone under the Cox Digital Telephone brand, high-speed
Internet service under the Cox High Speed Internet brand, video on
demand programming under the Entertainment on Demand brand, digital
video recorders, high-definition television and home networking.
Commercial voice and data services are offered via Cox Business
Services. Local cable advertising, promotional opportunities and
production services are sold under the Cox Media brand. Cox is an
investor in programming services including Discovery Communications
Inc. Cox Communications is a wholly-owned subsidiary of Cox
Enterprises Inc. "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995 Those statements above
that involve expectations or intentions are forward-looking
statements, within the meaning of the U.S. securities laws, that
involve risks and uncertainties and are not guarantees of future
performance. You are cautioned that these statements are only
predictions, and that forward-looking statements are subject to a
number of risks, assumptions and uncertainties that could cause
actual results to differ materially from those projected in such
forward-looking statements. These risks, assumptions and
uncertainties include, but are not limited to the risks outlined in
the companies' respective filings with the Securities and Exchange
Commission. All forward-looking statements are only as of the date
they are made and each company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
DATASOURCE: Liberate Technologies; Comcast Corporation; Cox
Communications, Inc. CONTACT: Greg Wood, Chief Financial Officer of
Liberate Technologies, +1-650-645-4003, , or Patrick Nguyen, EVP
Corporate Development of Liberate Technologies, +1-650-645-4004, ,
or Jenni Moyer of Comcast Corporation - Corporate Communications,
+1-215-851-3311, , or David Grabert of Cox Communications -
Director of Media Relations, +1-404-269-7054, Web site:
http://www.liberate.com/ http://www.cox.com/
http://www.comcast.com/
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