FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Elon Musk Wins Reinstatement of Historic Tesla Pay Package After Delaware Supreme Court Ruling 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
U.S. Lawmakers Urge Pentagon to Blacklist More Chinese Tech Firms Over Military Ties 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Delta Air Lines President Glen Hauenstein to Retire, Leaving Legacy of Premium Strategy 
Dina Powell McCormick Resigns From Meta Board After Eight Months, May Take Advisory Role 
LG Energy Solution Shares Slide After Ford Cancels EV Battery Supply Deal 
FDA Fast-Tracks Approval of Altria’s on! PLUS Nicotine Pouches Under New Pilot Program 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
Roche CEO Warns US Drug Price Deals Could Raise Costs of New Medicines in Switzerland 
7-Eleven CEO Joe DePinto to Retire After Two Decades at the Helm 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Toyota to Sell U.S.-Made Camry, Highlander, and Tundra in Japan From 2026 to Ease Trade Tensions 
ENGLEWOOD, Colo., March 11, 2016 -- Ascent Capital Group, Inc. (“Ascent” or the “Company”) (NASDAQ:ASCMA) today announced that the Company plans to appoint Rana Kashyap of Okumus Fund Management (together with certain related parties, “Okumus”) to its Board of Directors as a Class III director.
In connection with today’s announcement, Ascent has also entered into an agreement with Okumus. As part of the agreement, Okumus has committed to abide by certain customary standstill and voting provisions for one year, including voting in favor of the nominees to be recommended by Ascent’s Board of Directors at Ascent’s 2016 Annual Meeting of Stockholders.
Ascent Chairman and Chief Executive Officer Bill Fitzgerald noted, “We are pleased to have reached a constructive and collaborative agreement with Okumus, which we believe will benefit all Ascent investors moving forward.”
Mr. Kashyap stated, “I am pleased to join the Ascent Board and look forward to working together with the Board and management team to help Ascent deliver value for all shareholders.”
Okumus Fund Management is an SEC-registered investment advisor to private investment funds. Mr. Kashyap is a Managing Director at Okumus and focuses on the firm’s investment practice in middle-market recurring revenue businesses. He holds an AB in Economics from Georgetown University and a MBA from Harvard Business School. Mr. Kashyap’s term as Director will expire at the Company’s 2017 Annual Meeting of Stockholders.
About Ascent Capital Group, Inc.
Ascent Capital Group, Inc., (NASDAQ:ASCMA) is a holding company that owns 100 percent of its operating subsidiary, Monitronics International Inc., and through Monitronics, LiveWatch Security, LLC. Ascent also retains ownership of certain commercial real estate assets. Monitronics, headquartered in Dallas, TX, is the nation's second largest home security alarm monitoring company, providing security alarm monitoring services to more than one million residential and commercial customers in the United States, Canada and Puerto Rico through its network of nationwide, independent Authorized Dealers. LiveWatch Security, LLC ®, is a Do-It-Yourself (“DIY”) home security firm, offering professionally monitored security services through a direct-to-consumer sales channel. For more information on Ascent, see http://ascentcapitalgroupinc.com/.
Contact: Dan Zacchei/Erica Bartsch Sloane & Company 212-486-9500 [email protected] / [email protected]
