EL SEGUNDO and SANTA MONICA,
Calif. and SIOUX FALLS,
S.D., March 12, 2013
/PRNewswire/ -- With its acquisition by private equity firm Colony
Capital ("Colony") scheduled to close in less than a month,
LodgeNet Interactive Corporation ("LodgeNet") today announced an
expanded strategic relationship with DIRECTV that will provide its
hospitality and healthcare customers with upgraded products and
services, as well as a unique financing program to facilitate
upgrades to HDTV service at little or no out-of-pocket capital
expense to its customers. Together with DIRECTV's unparalleled
programming, marketing and technology capabilities and Colony's
extensive hospitality experience and expertise, LodgeNet will
materially enhance the value it offers its industry-leading network
of over 1.4 million hotel and hospital rooms in the U.S. and
Canada.
(Logo:
http://photos.prnewswire.com/prnh/20080115/AQTU120LOGO)
The expanded relationship will take effect following Colony's
acquisition of LodgeNet, expected to be completed in late March,
subsequent to LodgeNet emerging from a pre-packaged restructuring
process.
"As partners, LodgeNet and DIRECTV will combine their
complementary resources to offer customers options not currently
available in the hospitality and healthcare markets," said
Richard Nanula, a Principal with
Colony Capital. "These enhancements will help reestablish
hospitality-based TV as the preeminent viewing experience, a
distinction it held when the company first introduced pay-per-view
and video-on-demand to the marketplace over 20 years ago."
Beyond the financing program, hotels and hospitals will be
offered new a la carte programming options, including DIRECTV's
exclusive NFL Sunday Ticket and other exclusive content, as well as
other unique revenue-generating and connectivity options. The
partners are also committed to work together to develop an industry
leading open architecture technology platform that provides hotels
with innovative tools and empowers a superior guest experience for
today's technology-savvy travelers.
LodgeNet customers will also soon notice a new user interface,
more consistent with that offered by DIRECTV to its residential
customers, as well as an expanded level of support provided by
DIRECTV's nationwide operational infrastructure and customer
support excellence, ranked as superior to cable for 11 years
running by ACSI (American Customer Satisfaction
Index).
"We look forward to working with LodgeNet and Colony to create
an in-room video experience that truly differentiates our
hospitality and healthcare partners from their competitors, while
significantly growing DIRECTV's commercial business," said Paul
Guyardo, Chief Revenue and Marketing Officer for
DIRECTV. "This partnership provides yet another opportunity to
build a phenomenal experience reflective of the DIRECTV brand."
About DIRECTV
DIRECTV (NASDAQ: DTV) is one of the
world's leading providers of digital television entertainment
services delivering a premium video experience through
state-of-the-art technology, unmatched programming and industry
leading customer service to more than 35 million customers in
the U.S. and Latin America. In the
U.S., DIRECTV offers its 20 million customers access to more than
185 HD channels and Dolby-Digital® 5.1 theater-quality
sound, access to exclusive sports programming such as NFL SUNDAY
TICKET™, Emmy- award winning technology and higher customer
satisfaction than the leading cable companies for 11 years running.
DIRECTV Latin America, through its subsidiaries and affiliated
companies in Brazil, Mexico, Argentina, Venezuela, Colombia, and other Latin American countries,
leads the pay TV category in technology, programming and service,
delivering an unrivaled digital television experience to more than
15 million customers. DIRECTV sports and entertainment properties
include three Regional Sports Networks (Northwest, Rocky Mountain
and Pittsburgh) as well as a 42
percent interest in Game Show Network. For the most up-to-date
information on DIRECTV, please visit www.DIRECTV.com.
About LodgeNet
LodgeNet Interactive is the leading
provider of interactive media and connectivity services to
hospitality and healthcare businesses and the consumers they serve.
Recently named by Advertising Age as one of the Leading 100 U.S.
Media Companies, LodgeNet Interactive serves approximately 1.5
million hotel rooms worldwide in addition to healthcare facilities
throughout the United States. The
Company's services include: Interactive Television, Broadband and
Advertising Media Solutions along with nationwide technical and
professional support services. LodgeNet Interactive owns and
operates businesses under the industry leading brands: LodgeNet,
The Hotel Networks and LodgeNet Healthcare. For more information,
please visit www.lodgenet.com.
LodgeNet and the LodgeNet logo are registered trademarks of
LodgeNet Interactive Corporation. All rights reserved.
Special Note Regarding Forward-Looking Statements
Certain statements in this press release constitute
"forward-looking statements," including, without limitation,
statements regarding the Company's investment agreement with the
Colony Syndicate and the Company's proposed recapitalization, the
Company's ability to continue operations during the pendency of the
bankruptcy case, and the effect of actions of the Bankruptcy Court
on the Company's assets and operations.
Such forward-looking statements are subject to risks,
uncertainties and other factors that could cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include,
among others, the Company's ability to comply with the terms of the
investment agreement with the Colony Syndicate, including the
conditions to closing, which require, among other things, that the
Company maintain a certain minimum amount of liquidity, maintain
certain material contracts, and obtain the Bankruptcy Court's
approval of its Chapter 11 plan of reorganization; the Company's
ability to obtain Bankruptcy Court approval with respect to its
motions in the Chapter 11 proceedings; risks associated with third
party motions in the Chapter 11 proceedings, which may interfere
with the Company's ability to consummate its plan of
reorganization; the potential adverse effects of the Chapter 11
proceedings on the Company's business, customer relationships,
liquidity or results of operations; continued compliance with
conditions for funding under the debtor-in-possession financing
facility; the ability to execute the Company's business and
restructuring plan to achieve desired cost savings and additional
capital to improve liquidity; and other factors detailed, from time
to time, in our filings with the Securities and Exchange
Commission. For any of the foregoing reasons, our anticipated
results may not meet our expectations. These forward-looking
statements speak only as of the date of this press release. We
expressly disclaim any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statement is based.
SOURCE LodgeNet Interactive Corporation