Technology

LodgeNet Reaches Milestone

6/15/2004 5:46 AM Eastern

LodgeNet Entertainment Corp. said Tuesday that its on-demand interactive-TV service is now in more than 1 million guest rooms worldwide.

The company added that 435,000 of its guest rooms, or 46% of its total interactive room base, are served with digital systems delivering hotel-specific mixes of on-demand movies, games, music and music videos, along with shorter-form entertainment such as previously aired TV programs and special-interest features.

“We have reached these milestones as a result of offering robust solutions to our hotel customers," CEO Scott C. Petersen said in a prepared statement. "Our next focus is on integrating the TV and laptop platforms into one dynamic, guest-focused solution that offers optimal entertainment and productivity through platform synergies to drive maximum guest satisfaction and enhanced revenue opportunities for hoteliers.”

In other LodgeNet news, the company will publicly offer 3.95 million shares of its common stock in a take-down offering made from a shelf registration statement that became effective April 16.

UBS Securities LLC is acting as the book-running manager in this offering, while Bear Stearns Cos. Inc. and CIBC World Markets Corp. are acting as co-lead managers.

LodgeNet has agreed to grant to the underwriters an option to purchase up to 592,500 additional shares solely to cover overallotments.

September