Print Page  Close Window

SEC Filings

424B3
RENAISSANCE MEDIA GROUP LLC filed this Form 424B3 on 11/13/1998
Entire Document
 
<PAGE>
 
                          RENAISSANCE MEDIA GROUP LLC
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1998
              (ALL DOLLAR AMOUNTS IN 000'S EXCEPT WHERE INDICATED)
                                  (Unaudited)

                                        
        In connection with this agreement, the Company paid Time Warner
approximately $1,437 and $2,737 for the quarter ended September 30, 1998 and for
the period from April 9, 1998 to September 30, 1998, respectively. In addition,
the Company has incurred programming costs of approximately $1,171 and $2,171
for programming services owned directly or indirectly by Time Warner entities
for the quarter ended September 30, 1998 and for the period from April 9, 1998
to September 30, 1998, respectively.

   (c)  Transactions with Management

        Prior to the consummation of the Acquisition described in Note 3, Media
paid fees to six senior managers of the Company who are investors in the Company
(the "Management Investors") for services rendered relating to the Acquisition
and the Credit Agreement. These fees totaled $287 and were recorded as
transaction and financing costs.

   (d)  Due to Management Investors

        Prior to the formation of the Company, the Management Investors advanced
$1,000 to Holdings, which was used primarily for working capital purposes. Upon
formation of the Company, Holdings contributed certain assets and liabilities to
Group and the $1,000 advance from the Management Investors was recorded as paid
in capital.

7.   ACCRUED EXPENSES

     Accrued expenses as of September 30, 1998 consist of the following:

     Accrued programming costs....................   $2,214
     Accrued interest.............................    1,771
     Accrued franchise fees.......................    1,103
     Accrued legal and professional fees..........      855
     Accrued salaries, wages and benefits.........      540
     Accrued property and sales tax...............      521
     Other accrued expenses.......................      897
                                                     ------
                                                     $7,901
                                                     ======
8.   EMPLOYEE BENEFIT PLAN

     Effective April 9, 1998, the Company began sponsoring a defined
contribution plan which covers substantially all employees (the "Plan").  The
Plan provides for contributions from eligible employees up to 15% of their
compensation.  The Company's contribution to the Plan is limited to 50% of each
eligible employee's contribution up to 10% of his or her compensation.  The
Company has the right in any year to set the amount of the Company's
contribution percentage.  Company matching contributions for the quarter ended
September 30, 1998 and for the period from April 9, 1998 to September 30, 1998
were $30 and $62, respectively.



                                       10