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"Our participation in this new Group should provide dick clark productions with exciting and innovative new partnering resources."
——Dick Clark
DICK CLARK CASHES OUT
Announces $140 Million Merger with Mosaic
Take that, Mike Greene.  You may have the Grammys, but your nemesis has the moolah.

As mergers go, we'd give it a 140, as in million. Dick Clark's mega-merger with the Mosaic Media Group has a good beat and you can dance to it...all the way to the bank.

The company owned by the world's oldest living teenager has entered into a definitive merger agreement with a group of investors led by Mosaic Media Group, Capital Communications CDPQ Inc. and Jules Haimovitz, a senior television executive, who will acquire all of the outstanding shares of the lower-case dick clark productions. The agreement provides that stockholders other than Dick Clark will receive $14.50 per share in cash. Clark will receive $12.50 per share in cash for a portion of his shares. Henry Winterstern, co-founder and managing partner of CDP Capital Entertainment, will also invest in the acquiring entity.

In addition, Clark will invest the remaining portion of his shares in the acquiring entity, along with Francis C. La Maina, President and Chief Operating Officer of dick clark productions. The transaction will have a total equity value of approximately $140 million. dick clark productions will continue to operate as an independent television production company with Dick Clark serving as the Chairman and Chief Executive Officer and La Maina as President and Chief Operating Officer. Jules Haimovitz will become Vice Chairman and will participate in developing the strategic direction of the company.

The transaction is subject to the approval of dick clark productions' stockholders and to the satisfaction of customary closing conditions. Dick Clark has agreed to vote his shares, representing approximately 70% of dick clark production's outstanding shares, in favor of the transaction.

"I look forward to working with Mosaic Media Group, Capital Communications, Henry Winterstern and Jules Haimovitz," said Clark. "Our participation in this new Group should provide dick clark productions with exciting and innovative new partnering resources."

Mosaic President Allen Shapiro added, "The acquisition of dick clark productions represents a continuation of Mosaic's expansion plan with its partner CDP Capital Communications. The alliance of Mosaic's talent relations with dick clark's television production capacity will create opportunities for both parties."

Founded in 1957, dick clark productions has produced thousands of shows and specials in all genres and for all day parts, including such perennial TV hits as Dick Clark's New Year's Rockin Eve, the American Music Awards and the Golden Globe Awards. The Company also is a leading creator of award-winning communications experiences from live events and meetings to integrated marketing programs for major corporations. A subsidiary, dick clark restaurants, inc., licenses and operates "Dick Clark's American Bandstand" casual dining restaurants.

Mosaic Media Group, launched in July 1999, merged Atlas Entertainment, and its affiliated division Atlas/Third Rail Management, with the talent management group The Gold/Miller Company. Atlas Entertainment has produced film successes including Cool Runnings, 12 Monkeys, City of Angels and Three Kings, and is currently in post-production on the live-action version of Scooby-Doo, and in pre-production on Bullet Proof Monk, starring Chow Yun Fat. The music management client roster includes Alanis Morissette, Goo Goo Dolls, OutKast, Green Day and Jagged Edge. Gold/Miller guides the careers of talent including Jim Carrey, Ellen Degeneres, Garry Shandling, Will Ferrell, Kevin Sorbo, Vince Vaughn, the Wayans family, director Jay Roach, writer/producer Judd Apatow, and numerous members of the Saturday Night Live cast.

CDP Capital Communications, a division of CDP Capital, invests globally in telecommunications, media and entertainment companies through offices in the United States, Canada, Europe and Asia. Its growing portfolio of 113 investments is valued at over $2.2 billion and in the U.S. includes entertainment companies such as, Mosaic Media Group, Mosaic Music Publishing, Cutwater Media and Signpost Films.

Jules Haimovitz presently serves as Special Consultant to the Chairman and Chief Executive Officer of Metro-Goldwyn-Mayer. From June 1997 until he joined Metro-Goldwyn-Mayer,  Haimovitz served as President and Chief Operating Officer of King World Productions Inc., which is the leading worldwide distributor of first-run programming, including Wheel of Fortune, Jeopardy! and The Oprah Winfrey Show. Until January 1992, he was President/COO of Spelling Entertainment Inc. and a member of the company's Board of Directors. Prior to joining Spelling,  Haimovitz was the President of the Viacom Networks overseeing the Showtime and MTV networks.

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