Wednesday, December 13, 2006
On Command Acquired By LodgeNet
Denver, Colorado-based On Command Corporation, a provider of video on demand systems for the hospitality industry, has been acquired by competitor LodgeNet Entertainment. LodgeNet said today that it has entered into a definitive agreement with Liberty Media Corporation and its Liberty Satellite & Technology, Inc. subsidiary to acquire all of the stock of Ascent Entertainment Group, the owner of OnCommand. The deal is worth $380M. According to the firm, the deal is worth 2.05M shares of LodgeNet common stock and $332M in cash. Financing of the deal is coming from Bear Stearns & Co. and Credit Suisse. Both LodgeNet and On Command serve hotels with video on demand and interactive media systems.