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SEC Filings

424B1
RENAISSANCE MEDIA GROUP LLC filed this Form 424B1 on 09/10/1998
Entire Document
 
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                          RENAISSANCE MEDIA GROUP LLC
 
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
                                 JUNE 30, 1998
             (ALL DOLLAR AMOUNTS IN 000'S EXCEPT WHERE INDICATED)
                                  (UNAUDITED)
  (b) Transactions with Time Warner and Related Parties
 
      In connection with the Acquisition, Renaissance Media entered into an
      agreement with Time Warner, pursuant to which Time Warner manages the
      Company's programming in exchange for providing the Company access to
      certain Time Warner programming arrangements.
 
      For the period from April 9, 1998 to June 30, 1998 the Company paid Time
      Warner approximately $1.3 million (including service fees of
      approximately six thousand dollars ($6,000)) for programming services
      under this agreement. In addition, the Company has incurred programming
      costs of approximately $1.0 million for programming services owned
      directly or indirectly by Time Warner entities for the period from April
      9, 1998 to June 30, 1998.
 
  (c) Transactions with Management
 
      Prior to the consummation of the Acquisition described in Note 4,
      Renaissance Media paid fees to the six management Investors for services
      rendered relating to the Acquisition and the Credit Agreement. These
      fees totaled two hundred eighty seven-thousand dollars ($287,000) and
      were allocated to transaction and financing costs.
 
8. ACCRUED EXPENSES
 
  Accrued Expenses as of June 30, 1998 consist of the following:
 

<TABLE>
      <S>                                                                      <C>
      Accrued Programming Costs............................................... $2,641
      Accrued Interest........................................................  1,777
      Accrued Franchise Fee...................................................  1,199
      Accrued Legal and Professional Fees.....................................  1,119
      Accrued Salaries and Wages..............................................    303
      Other Accrued Expenses..................................................  1,269
                                                                               ------
                                                                               $8,308
                                                                               ======
</TABLE>

 
9. 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 their compensation. The Company has the
right in any year to set the amount of the Company's contribution percentage.
Company matching contributions approximated $44 for the period from April 9,
to June 30, 1998.
 
                                     F-17