You will be redirected back to your article in seconds

Ascent sent Lyons off with $3.6 mil

Exec resigned after deal backfired

NEW YORK — Ascent Entertainment will pay its former CEO Charles Lyons a surprisingly rich severance package of $3.6 million, the company has revealed in an SEC filing.

Lyons formally resigned Saturday after a two-month leave of absence. He stepped down after a sale he helped arrange of Ascent’s Denver sports assets backfired.

He agreed earlier this summer to sell the Denver Avalanche, the Nuggets and the Pepsi Center arena, to William and Nancy Walton Laurie for $260 million plus the assumption of $140 million of debt. Some big Ascent shareholders protested, calling the price too low, and sued Ascent and Lyons to stop the sale.

They particularly objected to the fact that Lyons appeared to have cut a separate deal with the Lauries. He planned to leave Ascent to join their partnership and help run the teams but declined to release any financial details of that agreement.

Ascent subsequently agreed to sell the assets to Denver telecom mogul Donald Sturm.

The filing said the severance package resolves all “actual and potential disputes between the company and Mr. Lyons.”

Speculation has it that the rest of the company, which mainly comprises an ownership stake in On Command Corp., will be sold fairly soon. Liberty Media is considered a likely buyer, but a number of cable companies might also be interested.

More Biz

  • Peak TV Saturation TV Placeholder

    Broadcaster Gray Television Sets $3.6 Billion Deal to Buy Raycom Media

    NEW YORK — Ascent Entertainment will pay its former CEO Charles Lyons a surprisingly rich severance package of $3.6 million, the company has revealed in an SEC filing. Lyons formally resigned Saturday after a two-month leave of absence. He stepped down after a sale he helped arrange of Ascent’s Denver sports assets backfired. He agreed […]

  • Heather Locklear arrested

    Heather Locklear Arrested, Charged With Assaulting Officer

    NEW YORK — Ascent Entertainment will pay its former CEO Charles Lyons a surprisingly rich severance package of $3.6 million, the company has revealed in an SEC filing. Lyons formally resigned Saturday after a two-month leave of absence. He stepped down after a sale he helped arrange of Ascent’s Denver sports assets backfired. He agreed […]

  • Xiaomi

    Chinese Smartphone Giant Xiaomi Aims for $6.1 Billion Hong Kong IPO

    NEW YORK — Ascent Entertainment will pay its former CEO Charles Lyons a surprisingly rich severance package of $3.6 million, the company has revealed in an SEC filing. Lyons formally resigned Saturday after a two-month leave of absence. He stepped down after a sale he helped arrange of Ascent’s Denver sports assets backfired. He agreed […]

  • Jamie FoxxBET Awards, Show, Los Angeles,

    2018 BET Awards: Kendrick Lamar Wins Big at Youth-Centered Show

    NEW YORK — Ascent Entertainment will pay its former CEO Charles Lyons a surprisingly rich severance package of $3.6 million, the company has revealed in an SEC filing. Lyons formally resigned Saturday after a two-month leave of absence. He stepped down after a sale he helped arrange of Ascent’s Denver sports assets backfired. He agreed […]

  • Variety Webby Nominations 2017

    Variety Wins 12 SoCal Journalism Awards Including Best Website

    NEW YORK — Ascent Entertainment will pay its former CEO Charles Lyons a surprisingly rich severance package of $3.6 million, the company has revealed in an SEC filing. Lyons formally resigned Saturday after a two-month leave of absence. He stepped down after a sale he helped arrange of Ascent’s Denver sports assets backfired. He agreed […]

  • Kendrick Lamar

    2018 BET Awards Complete Winners List

    NEW YORK — Ascent Entertainment will pay its former CEO Charles Lyons a surprisingly rich severance package of $3.6 million, the company has revealed in an SEC filing. Lyons formally resigned Saturday after a two-month leave of absence. He stepped down after a sale he helped arrange of Ascent’s Denver sports assets backfired. He agreed […]

  • SAG-AFTRA Hit With Class Action Suit

    SAG-AFTRA Hit With Class Action Suit Over Streaming Music Service Fees

    NEW YORK — Ascent Entertainment will pay its former CEO Charles Lyons a surprisingly rich severance package of $3.6 million, the company has revealed in an SEC filing. Lyons formally resigned Saturday after a two-month leave of absence. He stepped down after a sale he helped arrange of Ascent’s Denver sports assets backfired. He agreed […]

More From Our Brands

Access exclusive content