Liberty Media Corp. is reworking its agreement to buy ACTV Inc., lowering the
price tag.
Under the amended agreement, ACTV said Liberty would buy the interactive-TV
company for $1.65 per share, a drop from the $2 per share the companies agreed
to in May.
The cheaper price 'is reflective of changing conditions in both the
digital-media industry and the broader market,' ACTV said in a prepared
statement. ACTV recently lost a key patent suit it had filed against The Walt
Disney Co., so Liberty may see less value in ACTV's intellectual-property
portfolio.
ACTV and Liberty said they'll negotiate a definitive agreement by Aug.
15.
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