Upon completion of the first step of the transaction, Liberty will own 28% of the outstanding shares of VJN and will have 52% of the outstanding votes.
Alan McGlade, president and CEO of VJN, comments, "Liberty is the ideal partner for THE BOX, with both substantial resources and an unequaled depth of experience in the cable programming business.
We believe that Liberty Media will be able to build on the substantial efforts which CEA and StarNet have made since we acquired operating control of VJN in 1993 for THE BOX to realize its potential.
and affiliates of Communications Equity Associates acquired voting control of VJN in 1993.
Alan McGlade, Chief Executive Officer of VJN said, "The strategic alliance of Ticketmaster and VJN comes at a time when interactive music television in the United Kingdom is poised for tremendous growth.
represented VJN and VJNIL in connection with this transaction.
In his new position, McGlade will assume full-time management responsibility for VJN, owner and operator of THE BOX, the world's leading interactive music television network now available to more than 20 million households.
McGlade also will be responsible for various new lines of business under development at VJN, including merchandising.
As Acting Chief Executive Officer, McGlade already has been instrumental in positioning VJN for rapid growth in the United States and abroad.
In announcing McGlade's appointment on behalf of the VJN board, Lenfest said: "Having set the stage for tremendous growth at VJN and THE BOX as Acting CEO, Alan McGlade was the board's unanimous choice to take the helm at VJN full-time.