Tm Systems And Claxson Announce The Sale Of “the Kitchen” Business
TM Systems, developers of the Emmy® Award Winning "end to end" language localization software, has acquired The Kitchen's language localization operations, a technically advanced language dubbing and subtitling facility based in Miami. The purchase from Claxson Interactive Group, Inc., the multimedia company that provides and distributes entertainment content to Spanish and Portuguese audiences around the world, includes the name "The Kitchen".The Kitchen will continue to provide foreign-to-English language dubbing and subtitling services in house, and will serve as the East Coast "hub" for TM's new "Global Language Network", a consortium of leading dubbing and subtitling facilities linked with TM Systems technology. TM's existing Los Angeles based facility will be known as The Kitchen West."The Global Language Network will greatly broaden the global reach of The Kitchen and enable The Kitchen East/West to provide language localization services in virtually every language," Ken Lorber, President & CEO of TM Systems explained, "All international members of the network will be enabled with the full suite of TM Systems software tools, adding efficiencies never before available on a global basis.""We are happy with the performance of The Kitchen's language localization and traffic operations in the past years, and our decision to sell this operation is the result of our increased focus on the Pay TV channel business in Latin American and new markets", said Ralph Haiek, COO of Claxson's Pay TV Division.Claxson Interactive Group, Inc. will have the opportunity to participate with a minority stake in TM Systems, and Claxson and its affiliated television networks and customers will continue to use the language
localization services of The Kitchen. Claxson's television playout facilities in Miami, formerly operating under "The Kitchen" name, will continue to provide playout services to its Miami-based clients under the brand name "Claxson Playout Services".About TM SystemsTM Systems, LLC ™ is the developer of the industry's first, integrated, digital solution for language translation, dubbing and subtitling. The TM technology is utilized internationally by leading film studios and television networks. The technology significantly lowers the cost, shortens the turnaround time and reduces the risk of piracy during the language localization process. In August 2002, TM received an Emmy® Award for Outstanding Achievement in Engineering Development. TM licenses its localization software and provides language localization outsourcing by "linking" superior dubbing and subtitling vendors in major cities around the globe.About ClaxsonClaxson (XSONF.OB) is a multimedia company that provides and distributes branded entertainment content to Spanish and Portuguese audiences around the world. The company has a portfolio of well-known branded entertainment options distributed on multiple platforms, including pay TV, radio and Internet. The company's headquarters are located in Buenos Aires and Miami, and it has a presence in the U.S. and all major Latin American countries, including without limitation Argentina, Mexico, Chile, Brazil, Spain and Portugal. Claxson's main shareholders are the Cisneros Group of Companies and funds affiliated with Hicks, Muse, Tate & Furst Inc.For more information please contact: Deeny Kaplan (TM Systems)818-508-3500 or 305-415-6200Juan Iramain (Claxson)54 11 4339-3701.
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