Liberty to acquire Todd-AO
John Malone’s Liberty Media Group said Friday it is proposing to acquire all but two units of sound post production house Soundelux Entertainment Group in a deal valued at $90 million in cash.Deal expands Liberty’s original proposal from last July, when it acquired a controlling interest in the privately held Hollywood company as part of a $70.3 million stock swap and move to build its post production business holdings. New plan calls for Liberty to acquire all of Soundelux’s assets except for its theater design business and a unit that develops entertainment for theme parks, restaurants and casinos. Soundelux has provided sound editing services for “Braveheart,” “Inspector Gadget,” “Any Given Sunday” and “The Negotiator,” among many other pics. Liberty made the offer to Soundelux shareholders on Friday, and deal is still subject to corporate approvals, definitive documentation and other conditions. Waiting it out Similarly, film and television post house Todd-AO last August planned to acquire Soundelux, but that move has now been deferred indefinitely until the outcome of the negotiations between Liberty and Soundelux are finished, the companies said. Liberty is in the middle of acquiring Todd-AO for $92.5 million, a deal that should have been completed over the weekend. Deal will change Todd-AO’s moniker to Liberty Livewire Corp. New entity will oversee Liberty’s post production facilities and investments in other post houses. Should Liberty’s purchase be approved, assets of Soundelux will likely be combined with Todd-AO and merged under the Liberty Livewire banner. Changes in the ownership offer aren’t expected to alter Liberty’s plans to acquire Todd-AO. Shares of Liberty were up Friday $1.18 to close at $48.31, a gain of 3%.
Follow @Variety on Twitter for breaking news, reviews and more