Ascent Media Will Take $1-2 Million Charge When It Shuts Down Systems Integration Business

Posted by Joe Zaller
May 10 2011

Ascent Media, which has sold off its media and broadcast assets over the past year, said in a filing with the Securities and Exchange Commission, that it plans to shut down its systems system integration business and record a restructuring charge of $1 to $2 million.

The news comes a little more than a month after Ascent sent a letter to its partners and suppliers saying that Ascent would closing its systems integration business on or about May 1, 2011.

Here is the information from the SEC filing:

“The Content Services group includes the System Integration business, which provides program management, engineering design, equipment procurement, software integration, construction, installation, maintenance and support services for advanced technical systems for the media and telecommunications industries and other customers.

“In the second quarter of 2011, Ascent Media plans to shut down the System Integration business and record a restructuring charge between $1 to $2 million primarily for abandoned leases under the 2010 Restructuring Plan.

“The Content Services group had historically also included the Content Distribution business, which provided facilities and services necessary to archive, manage, and reformat media assets for distribution, as well as the infrastructure to assemble programming content and to distribute media signals via satellite and terrestrial networks. This business was sold to Encompass Digital Media, Inc. (“Encompass”) in February 2011 and has been treated as a discontinued operation for all periods presented.”

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Related Content:

Ascent Media 10-Q filing with SEC, May 9, 2011

Ascent Media Joins Azcar in Shutting Down Broadcast Systems Integration Business http://bit.ly/eMnoEU

Ascent Media 2010 annual 10-K filing with SEC

Broadcast Systems Integrator Azcar Technologies Ceases Operations

TVB article: Azcar Folds

Broadcast Engineering Article: Systems integrator AZCAR ceases business

Press Release: Ascent Buys Montronic

Ascent Sells Post Business to Deluxe

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