Four Media Signs Letter to Sell Stock to Liberty Media
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Four Media Co., Burbank, said it has signed a letter of intent to sell 100% of its stock to Liberty Media Corp. in exchange for about 6.35 million shares of Class A Liberty Media Group Stock.
The sale is expected to close in the first quarter of 2000.
Four Media reported a net loss for the fourth quarter that ended Aug. 1 of $2 million, compared to net income of $1.1 million for the same period last year. Revenues for the quarter rose to $48 million compared to $34.2 million.
Net income for the year ending Aug. 1 was $4.9 million compared to $741,000 for the previous year. Revenues rose to $197 million compared to $129 million.
Four Media provides technical and creative services to the entertainment industry.
Liberty Media holds interests in video programming, communications, Internet and technology companies worldwide.
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