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Ascent-Liberty deal off
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November 30, 1999: 11:01 a.m. ET
Deadline set for resolution of conflict in sports teams’ sale; a condition of deal
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NEW YORK (CNNfn) - Media and entertainment company Ascent Entertainment Group said Liberty Media Corp. canceled their $513 million merger agreement after Ascent failed to close the sale of its sports businesses to billionaire Donald Sturm.
Ascent also said late Monday that it gave The Sturm Group until Wednesday afternoon to resolve its differences with the city of Denver over the planned purchase of two professional-sports teams - the Denver Nuggets basketball franchise and the Colorado Avalanche hockey team -- and the new Pepsi Center.
Ascent’s merger with Liberty Media was contingent on the closing of the sale of Ascent’s sports-related businesses. Liberty had the right to call off the merger agreement after Nov. 1, Ascent said.
Officials at Liberty Media, which AT&T acquired in March, did not immediately respond to a request for comment Tuesday.
In July, Sturm agreed to buy the two sports teams and the Pepsi Center for $461 million. But the deal soured amid differences between the city and Sturm over Denver’s demand that Sturm agree to keep the two teams in Denver for 25 years.
Ascent (GOAL) shares dropped 1-9/16 to 11-11/6 Tuesday morning. Liberty Media (LMG.A) stock edged up 1/8 to 42-7/8.
-- staff and wire reports 
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