Liberty Media Agrees to Buy Todd-AO
Liberty Media Group, the cable television programming company run by John Malone, agreed to acquire video- and sound-editing studio Todd-AO Corp. for about $92.5 million in stock. The agreement comes about two months after Los Angeles-based Todd-AO, which has worked on such films as “Titanic,” hired Lazard Freres & Co. to advise it on a possible sale. Liberty, a unit of AT&T; Corp., will issue 2.5 million of its Class A shares to gain control of half of Todd-AO Class A common stock and all of its Class B stock. Liberty will swap one of its shares for 2.5 Todd-AO shares. Todd-AO gained $1.06 to close at $14 on Nasdaq. The announcement was made after the close of U.S. markets.