Contact Information: PRESS CONTACT: Marc Lumpkin 303-378-2366
Turner Media Group Files for Chapter 11 Reorganization
| Source: The Media Group
DENVER, CO--(Marketwire - August 6, 2007) - Turner Media Group Inc., also known as The Media
Group, the world leader in the development and delivery of innovative
interactive TV advertising and programming and the owner/operator of eight
national television networks, filed for Chapter 11 federal court protection
on Aug. 5. In the Chapter 11 filings, TMG will seek to reorganize the
companies, restructure its obligations and promptly repay all of the debts
legitimately owed.
The company filed, together with certain of its subsidiaries, voluntary
petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the
U.S. Bankruptcy Court for the District of Colorado. Under the protection of
Chapter 11, TMG will have the time and opportunity to achieve the best
possible value for all constituencies, as well as an orderly restructuring
of the Company.
As part of the bankruptcies, TMG and the related companies have filed a
number of "first day" motions intended to allow the company to achieve a
smooth landing in Chapter 11 and to ensure employees continue to be paid
and receive all of their benefits. TMG has retained the services of the
nationally recognized law firm Baker & Hostetler LLP as its bankruptcy
counsel.
About The Media Group
The Media Group, formerly known as Turner Media Group, provides interactive
TV advertising, direct response programming and transactional TV networks.
For more information, visit www.themediagroup.com.
Statements in this news release that are not historical facts, including
statements regarding TMG's estimates, beliefs, expectations, intentions,
strategies or projections, may be "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995. All
forward-looking statements involve a number of risks and uncertainties that
could cause actual results to differ materially from the estimates,
beliefs, expectations, intentions, strategies and projections reflected in
or suggested by the forward-looking statements.