Scientific-Atlanta (S-A) has purchased all of the outstanding shares of PowerTV not already owned by S-A. Due to the absence of a public market for PowerTV shares under current market conditions, a tender offer was made to provide liquidity to PowerTV employees and other PowerTV shareholders.
S-A currently holds approximately 85 percent of the outstanding shares of PowerTV (more than 81.5 million shares). The tender shares available for purchase include those owned by current and former PowerTV employees, and PowerTV shares held by former shareholders of PRASARA Technologies who received PowerTV stock when PowerTV acquired PRASARA in 2000.
S-A also announced it is investing $5 million in Pacific Broadband Communications, which develops broadband systems for delivery of information, communication and entertainment for the "last mile" of HFC networks.