LodgeNet purchased Ascent Entertainment from Liberty Media for $332 million in cash and by the issuance of 2.05 million shares of LodgeNet stock, effectively making Liberty a 9.2 percent shareholder in LodgeNet.
“A great interactive experience is a key differentiator for hotel guests,” said Scott C. Peterson, LodgeNet president and CEO. “The On Command and recent StayOnline acquisitions are transforming events for our company and [represent] major steps forward in our strategic plan that will significantly enhance our ability to serve our customers and their guests.”
Peterson said its recent acquisitions give LodgeNet new content and connectivity opportunities, new branding and marketing applications and unique interfaces that support customer brands.
“The combination of the three companies provides scale and resources that will enhance LodgeNet’s capability to innovate in developing new interactive solutions for hotels and other guest-based businesses,” Peterson said.
LodgeNet is publicly traded on the NASDAQ exchange under the symbol LNET.
