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Ascent Media Corporation Announces Financial Results for Quarter Ended June 30, 2009.

Article Excerpt
ENGLEWOOD, Colo. -- Ascent Media Corporation ("Ascent Media" or the "Company") (Nasdaq:ASCMA) today reported second quarter results for the three months ended June 30, 2009. Ascent Media is a holding company that owns Ascent Media Group ("AMG"), a leading provider of fully integrated, end-to-end services for the digital media supply chain on a worldwide basis. The Company also holds significant cash reserves and maintains a strong balance sheet with virtually no debt.

"AMG had disappointing financial results during the second quarter amid a slowdown in the creation and production of both commercial and entertainment content, as well as a significant decline in capital spending by networks and media distribution companies," said William Fitzgerald, Chief Executive Officer of Ascent Media Corporation. "In response, we have focused on aggressively controlling operating expenses and have reduced capital spending to minimize the effect on cash flow as we take steps to improve our top line growth."

"We remain confident in AMG's long-term growth prospects as we develop innovative new services and solutions that will assist media owners seeking new ways to manage and monetize their content. As the recognized market leader in the creation, management and distribution of all forms of entertainment content, AMG is in an excellent position to benefit from the expansion of entertainment content and distribution mediums."

At the holding company level, Ascent Media is actively seeking acquisition and investment opportunities. To that end, the Company has begun to identify potential acquisition targets but will remain disciplined in its approach, especially...