MUMBAI: Media conglomerate Time Warner has acquired Liberty Media Corporation's half of Courtroom Television Network LLC, the owner of Court TV, for $735 million.
Time Warner now owns Court TV in its entirety. Court TV will operate as part of Turner Broadcasting System Inc., within its entertainment division, under the direction of entertainment group president, Mark Lazarus.
Time Warner's Turner Broadcasting unit, also manages a large group of cable networks including CNN, Turner Classic Movies and the Cartoon Network.
Seen in 86 million households, according to an official release, Court TV covers all aspects of the US system of justice. It is the leading producer of original programming in the crime and justice genre as well as other content, which appear on its network and popular Web sites as well as, increasingly, new distribution platforms.
Time Warner chairman and CEO Dick Parsons said, "Acquiring all of Court TV represents a strategic investment in one of Time Warner's most successful lines of business - our news and entertainment cable networks. We're confident that Court TV will continue its top-notch performance and become an important contributor to our growth. We look forward to working with our friends at Liberty Media in the future."
Liberty chairman John C. Malone said, "We have enjoyed our long association with Court TV and its exceptional management team. The business has created tremendous value for our shareholders. We wish Henry Schleiff and his team well and have no doubt Court TV will continue its strong track record of success and value creation for Time Warner's shareholders."
Henry Schleiff, who served as Court TV's chairman and CEO, will be the network's non-executive chairman for the next six months, focused on Court TV's transition to Turner and the network's public service initiatives.
Liberty president and CEO Gregory B Maffei said, "We've enjoyed building Court TV with Henry and Time Warner, and we'll welcome the opportunity to work together again. Liberty is pleased with the value created for our shareholders by this business and transaction."
Time Warner president and COO Jeff Bewkes said, "Let me express our appreciation to Henry Schleiff for his keen vision and inspired leadership at Court TV. Court TV has made outstanding progress in its programming, marketing and distribution operations. Turner's presence and relationships will help us further strengthen Court TV's competitive position."
Turner Broadcasting System chairman and CEO Phil Kent said, "Court TV's established brand, programming franchises and robust new media extensions complement our successful branded entertainment and news networks and businesses. This integration into Turner will ensure Court TV's future growth and success, as well as make our portfolio stronger."
