SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest event reported) JANUARY 5, 2001
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LIBERTY LIVEWIRE CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-1461 13-1679856
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
520 BROADWAY, SANTA MONICA, CALIFORNIA 90401
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(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (310) 434-7000
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(Former name or former address, if changed from last report)
LIBERTY LIVEWIRE CORPORATION
FORM 8-K
January 5, 2001
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TABLE OF CONTENTS
Item 5. OTHER EVENTS. Page 2
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Item 5. OTHER EVENTS.
On January 5, 2001, Liberty Livewire Corporation ("Livewire") entered
into an Ownership Interest Purchase Agreement (the "Purchase
Agreement") among Livewire, ANS Acquisition Sub, Inc. ("ANS"), a
direct, wholly owned subsidiary of Livewire, and Ascent Entertainment
Group, Inc. ("AEG"). Liberty Media Corporation, the controlling
stockholder of Livewire, is the sole stockholder of AEG. Pursuant to
the Purchase Agreement, on January 5, 2001, (i) Ascent Network
Services, a division of AEG, contributed all of its assets to Livewire
Network Services, LLC ("LNS"), a direct, wholly owned subsidiary of
AEG, (ii) ANS purchased a 1% ownership interest in LNS from AEG in
exchange for $300,000 in cash, and (iii) ANS and AEG entered into the
Operating Agreement of LNS (the "Operating Agreement").
Under the Operating Agreement, ANS is appointed as manager of LNS. The
Operating Agreement also contains a put-call provision, pursuant to
which ANS may elect to purchase from AEG, or AEG may elect to sell to
ANS, at certain times during the 2001 calendar year, the remaining 99%
of the ownership interests of LNS owned by AEG (the "Put-Call"). The
purchase price under the Put-Call will be payable in cash and will
total $29,700,000 plus an additional return on that amount accrued at
the annual rate of 10% from the date of the Purchase Agreement to the
date of acquisition of the 99% interest.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized
LIBERTY LIVEWIRE CORPORATION
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(Registrant)
/s/ JEFFREY J. MARCKETTA
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Jeffrey J. Marcketta
Chief Financial Officer
FEBRUARY 12, 2001
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Date
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