Posted: Wed., Sep. 10, 2003, 5:01pm PT

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Liberty makes room for On Command

Investment house morphs into operating entity

HOLLYWOOD -- John Malone's Liberty Media said Tuesday that it has agreed to purchase the 26% stake of hotel-room feevee On Command it doesn't already own.

Buy reps the latest move by Denver-based Liberty to morph, bit by bit, from a media investment portfolio into more of an operating entity. In a recent move, Liberty said it would buy the remaining 13% interest in its Liberty Satellite unit (Daily Variety, Aug. 28).

Terms of the latest pending transaction call for On Command shareholders to receive 0.166 of a share of Liberty Media common stock for each On Command share. The terms, which must be approved by On Command shareholders, rep a significant premium to On Command's Tuesday closing share price of 95¢.

Agreement was announced after market trading. Liberty shares were off 9¢ Tuesday at $11.85.

On Command provides in-room entertainment technology in hotels and on cruise ships. Company serves an estimated 1 million guest rooms.

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