Server: Netscape-Enterprise/2.01 Date: Thu, 18 Dec 1997 23:47:18 GMT Accept-ranges: bytes Last-modified: Wed, 19 Nov 1997 22:23:28 GMT Content-length: 4641 Content-type: text/html
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Acquisition Of Private Cable System Further Expands ResNet Subsidiary
March 17, 1997 -- LodgeNet Entertainment Corp. today announced that its ResNet Communications, Inc. subsidiary has acquired the assets of Home Showtime, Inc., a Detroit, Michigan-based private cable television operator. Through the agreement, ResNet acquired 15-year exclusive video services leases covering 36 properties and 11,600 apartment units for a total purchase price of $4.6 million. LodgeNet, the fastest-growing provider of interactive television services to the lodging industry, formed ResNet in 1996 to pursue b-LANsm (broadband local area network) opportunities in the residential industry. TCI Satellite Entertainment Acquires Equity in LodgeNet Residential Subsidiary October 21, 1996 -- TCI Satellite Entertainment, Inc. has agreed to immediately acquire 4.99% of ResNet Communications for $5.4 million, and to advance $34.6 million over the next five years in exchange for a note that will convert into an additional 32% equity interest in ResNet. ResNet Communications was formed as a subsidiary of LodgeNet Entertainment Corporation in February of 1996 to own, install and operate private cable television systems in multifamily residential environments. First Installations Underway in LodgeNet's Residential Division August 14, 1996 -- Six months after unveiling a strategic initiative to expand utilization of its core technology, LodgeNet Entertainment announces that it has eleven systems under construction as it begins to serve the multifamily residential market through its subsidiary, ResNet Communications, Inc. LodgeNet Entertainment and GE Capital-ResCom Announce Alliance February 12, 1996 -- LodgeNet Entertainment Corporation announces an exclusive, long-term agreement with GE Capital-ResCom, a leading private telecommunications provider, that will bring LodgeNet video services technology to the multifamily housing market. Under the agreement, LodgeNet will own, install and operate private cable television systems which will provide basic and premium cable television programming plus video-on-demand to apartment complexes also served by GE Capital-ResCom private telephone systems. |