TCI Music Inc. said Monday it intends to buy rock label Paradigm Music Entertainment Group for $24 million in stock plus assumed debt of $6.5 million.
TCI Music, based in Englewood, Colo., is a small music unit of cable giant TeleCommunications Inc. Paradigm is a producer of records and multimedia products that was launched in February 1996 by music veteran Thomas McPartland.TCI Music said the parties will determine the value of the company's common stock by the average mean of the closing bid and ask price during a 20-day period.
Under the agreement, expected to close late next month, McPartland, president and chief executive of Paradigm, will be president, chief executive and a director of TCI Music.
TCI Music was formed earlier this year by TCI to deliver audio and video music services via television, the Internet and other methods. It is managed by Liberty Media Corp. TCI also owns The Salt Lake Tribune.