EXHIBIT 99.1
LIBERTY DIGITAL, CHATHAM STREET HOLDINGS AND NRT TAKE
EQUITY STAKES IN CENDANT'S MOVE.COM; CENDANT STOCK RECLASSIFIED
NEW YORK, NY, APRIL 4, 2000-- Cendant Internet Group, a unit of Cendant
Corporation, (NYSE: CD) today announced that Liberty Digital, Inc. purchased
approximately 1.5 million shares of Move.com stock in a private placement.
Liberty Digital (NASDAQ: LDIG) and Cendant also agreed to use good faith efforts
to enter into mutually acceptable agreements relating to the development of real
estate-related programming for Liberty Digital's interactive home channel based
on Move.com Group's Web content. Additionally, Chatham Street Holdings, LLC
exercised a contractual right to purchase approximately 1.5 million shares of
Move.com stock in a private placement and NRT Incorporated also entered into an
agreement to purchase approximately 318,000 shares of Move.com stock in a
private placement.
The Company also announced that, as previously disclosed in the Company's proxy
statement for its shareholder meeting held on March 21, 2000, all outstanding
shares of Cendant Corporation common stock, par value $.01 per share, have been
reclassified into shares of CD stock, par value $.01 per share. As a result of
such reclassification, the Company will now have two classes of common stock
outstanding: Move.com stock and CD stock.
Move.com stock is a class of common stock of the Company intended to track the
performance of Move.com Group which consists of those businesses, assets and
liabilities of Cendant that are dedicated to providing online relocation, real
estate and home-related products and services.
CD stock is a class of common stock of Cendant Corporation intended to track the
performance of Cendant Group that includes:
o All of the businesses in the Company's four principal divisions
including real estate services, travel services, direct marketing-related
services and other consumer and business services, except for the
businesses that comprise Move.com Group; and
o A retained interest in Move.com Group, which is currently about 87% after
giving effect to the issuances described below, but which will be reduced
to reflect any future issuance of Move.com stock.
Each outstanding share of Cendant Corporation common stock has automatically
been reclassified into one share of CD stock and existing Company common stock
certificates will automatically represent CD stock. Since the reclassification
was automatic, stockholders do not need to send in their stock certificates or
make any notations reflecting the change. CD stock will continue to trade on the
New York Stock Exchange under the symbol "CD".
As previously announced, the Company has filed a registration statement
with the Securities and Exchange Commission (SEC) relating to a proposed initial
public offering of Move.com Group tracking stock in the future. A registration
statement relating to these securities has been filed with the SEC but has not
yet become effective. These securities may not be sold nor may offers to buy be
accepted prior to the time the registration statement becomes effective. This
announcement shall not constitute an offer to sell, or the solicitation of an
offer to buy nor shall there be any sale of these securities in any State in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such State.
Cendant Corporation is a global provider of real estate, travel and direct
marketing related consumer and business services. The Company's core
competencies include building franchise systems, providing outsourcing solutions
and direct marketing. As a franchiser, Cendant is among the world's leading
franchisers of real estate brokerage offices, hotels, rental car agencies, and
tax preparation services. The Company's real estate-related operations also
includes Move.com Group, Cendant's relocation, real estate and home-related
services portal on the Internet. As a provider of outsourcing solutions, Cendant
is a major provider of mortgage services to consumers, the global leader in
employee relocation, and the world's largest vacation exchange service. In
direct marketing, Cendant provides access to insurance, travel, shopping, auto,
and other services primarily to customers of its affinity partners. In addition,
Cendant Internet Group is aggressively pursuing a convergence strategy for the
Company's off-line and online businesses. Other business units include NCP, the
UK's largest private car park operator, and WizCom, an information technology
services provider. Headquartered in New York, NY, the Company has approximately
30,000 employees and operates in over 100 countries.
More information about Cendant, its companies, brands and current SEC filings
may be obtained by visiting the Company's Web site at www.Cendant.com or by
calling 877-4INFO-CD (877-446-3623).
Statements about future results made in this release may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on current
expectations and the current economic environment. The Company cautions that
these statements are not guarantees of future performance. They involve a number
of risks and uncertainties that are difficult to predict including the outcome
of litigation. Actual results could differ materially from those expressed or
implied in the forward-looking statements. Important assumptions and other
important factors that could cause actual results to differ materially from
those in the forward-looking statements are specified in the Company's Form 10-K
for the year ended December 31, 1999, including completion of the settlement of
the class action litigation.
CENDANT MEDIA CONTACT: CENDANT INVESTOR CONTACTS:
Elliot Bloom Denise L. Gillen
212-413-1832 212-413-1833
Samuel J. Levenson
212-413-1834