SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K


                                 CURRENT REPORT
                PURSUANT TO SECTION 13 OR 15(D) OF THE
                   SECURITIES EXCHANGE ACT OF 1934



Date  of  report  (Date  of  earliest  event   reported): February 19, 1997

                        ASCENT ENTERTAINMENT GROUP, INC.
             (Exact name of registrant as specified in its charter)


   Delaware                         0-27192                  52-1930707
(State or other jurisdiction of   (Commission         (I.R.S. Employer
incorporation or organization) File No.)       Identification No.)

                         One Tabor Center
                       1200 Seventeenth Street, Suite 2800
                             Denver, Colorado 80202
                    (Address of principal executive offices)

                           (303) 626-7000
        (Registrant's telephone number, including area code)


<PAGE>


Item 5.     Other Events

On  February  19,  1997,  Ascent  Entertainment  Group,  Inc.  ("Ascent"  or the
"Company")  issued a press release  reporting its fourth quarter 1996 and fiscal
year 1996 financial results. A copy of the release is attached hereto as Exhibit
20 and incorporated herein by reference.


Item 7.     Financial Statements and Exhibits

       (c)  Exhibits  (listed  according  to the  number  assigned  in
Item 601 of Regulation S-K)


       Exhibit No.                                   Description

            20                            Press Release dated February 19, 1997



<PAGE>



                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                        Ascent Entertainment Group, Inc.



                             By:/s/ Arthur M. Aaron
                                 Arthur M. Aaron
              Vice President, Business and Legal Affairs

Date: February 20, 1997


<PAGE>



                                Exhibit Index

Exhibit                                
  No.                                        Description
  20                          Press Release of Ascent Entertainment Group, Inc. 
                              dated February 19, 1997


<PAGE>






                                      MORE


           Ascent Reports Fourth Quarter and 1996 Results




For Immediate Release:
Wednesday, February 19, 1997
Contact:   Media                                      Investors
           Paul Jacobson       Karen Amrhine          Jim Cronin
           Ascent              Sard, Verbinnen & Co.  Ascent
           303.626.7060        212.687.8080           303.626.7010

Denver, Colo. -- Ascent  Entertainment Group, Inc.  (NASDAQ:GOAL) today reported
revenues for 1996 of $258.1 million,  an increase of 28 percent over revenues of
$201.8  million for 1995,  and revenues for the fourth  quarter of 1996 of $91.6
million,  an increase of 53 percent over 1995 fourth  quarter  revenues of $59.7
million.  Revenues for both 1996 periods  include $21.4 million in revenues from
the SpectraVision, Inc. assets acquired by Ascent's 57 percent-owned subsidiary,
On Command  Corporation (On Command),  in October 1996. The increase in revenues
for 1996 is also  attributable  to  higher  revenues  at On  Command,  excluding
SpectraVision,  and a full year of revenues  for the Colorado  Avalanche.  These
increases in revenue were partially  offset by the absence of 1996 revenues from
the Company's  Satellite  Cinema  operations,  which were terminated in December
1995,  and lower  revenues at the Denver  Nuggets,  primarily the absence of NBA
expansion fees recognized in 1995.
      "In 1996 we accomplished our goal of continuing to create value in each of
our  businesses,"  said Charlie  Lyons,  president  and CEO of Ascent.  "We were
disciplined in the way we executed,  in that we did not experience a significant
negative impact on our short term results. A major accomplishment for Ascent was
the acquisition of Spectravision, which positioned us as the unquestioned leader
in the hospitality industry in-room entertainment business,  increasing our room
base at On Command by over 450,000 rooms.
      "Our  acquisition  and relocation of the Colorado  Avalanche went smoothly
and in 1996 we brought the state of Colorado its first major professional sports
championship,"  Lyons added.  "We are working to reach an  agreement  that would
result  in a new  arena in  Colorado.  At  Beacon,  we  entered  into a  20-film
distribution deal with Universal Pictures,  Inc. In addition,  we produced three
films which are  expected to be released in 1997 through  Columbia  Pictures and
The Walt Disney Company.  Finally,  at our Ascent Network Services subsidiary we
were  awarded  the  partial  digital  upgrade  contract  with  MS-NBC,   further
strengthening our relationship with NBC."
      Ascent's  earnings before interest,  taxes,  depreciation and amortization
(EBITDA)  for 1996  decreased  18 percent,  from $37.2  million in 1995 to $30.5
million in 1996,  the 1995 amount  having been  restated  as  described  further
below. Ascent's EBITDA for the fourth quarter of 1996 decreased $3.6 million, or
105  percent,  from $3.4  million  in the  fourth  quarter  1995,  as  restated.
Excluding  approximately  $6.7 million in charges at On Command which  decreased
EBITDA and which On Command believes are one-time in nature, EBITDA for the year
would have stayed  constant at $37.2 million,  and EBITDA for the fourth quarter
of 1996 would have increased 91 percent to $6.5 million.


<PAGE>



ASCENT 4TH QUARTER/YEAR-END RESULTS

FEBRUARY 19, 1997 -- PAGE 7



                                      MORE

      Ascent  reported a net loss for fiscal  year 1996 of $36.0  million,  or a
loss of $1.21  per  share.  This loss  compares  to a net loss for 1995 of $21.0
million,  as restated,  or a loss of $0.87 per share.  For the fourth quarter of
1996, Ascent reported a net loss of $19.0 million, or a loss of $0.64 per share,
compared  to a net  loss in the  fourth  quarter  of 1995  of $7.9  million,  as
restated,  or a loss of $0.32 per share. The increased net loss for the year and
the quarter is primarily  attributable to increased losses at the Denver Nuggets
and,  to a lesser  extent,  losses at On Command in the fourth  quarter of 1996.
Excluding the one-time  charges of $8.7 million ($6.7 million of which  affected
EBITDA) at On Command in the fourth  quarter,  the Company's 1996 net loss would
have been $31.0  million,  and the net loss for the fourth quarter of 1996 would
have been $14.0 million.
      In a filing with the Securities and Exchange Commission today, the Company
restated its 1995 financial  statements.  The restatement increased the 1995 net
loss from $19.5 million,  or a loss of $0.80 per share,  to $21.0 million,  or a
loss of $0.87 per  share.  The  restatement  also had the  affect of  decreasing
EBITDA from $40.8  million to $37.2  million  for 1995 and from $7.0  million to
$3.4 million for the fourth quarter of 1995. The  restatement  resulted from the
Company's determination that certain adjustments related to film inventory and a
film distribution agreement should be made to the 1995 financial statements.


MultiMedia Distribution
      Fourth  quarter 1996 revenues for this segment,  which includes On Command
and Ascent  Network  Services,  were  $61.0  million,  up 81 percent  from $33.8
million in the comparable 1995 period.  Excluding  revenues of $4.5 million from
Satellite  Cinema  in  the  fourth  quarter  of  1995  and  $21.4  million  from
SpectraVision  in the fourth quarter of 1996,  MultiMedia  Distribution  segment
revenues  increased  $10.3 million in the fourth quarter of 1996 over the fourth
quarter of 1995.  This  increase is  primarily  attributable  to the growth from
361,000 installed on-demand rooms as of December 31, 1995 to 466,000 at December
31,  1996 and  growth in  revenues  at Ascent  Network  Services  due in part to
revenues earned under the MS-NBC partial digital upgrade.
      For 1996,  MultiMedia  Distribution  segment  revenues were $168.0 million
versus  $135.8  million in 1995,  an increase of 24 percent.  Excluding the 1995
Satellite  Cinema revenues of $24.5 million and 1996  SpectraVision  revenues of
$21.4 million, MultiMedia Distribution segment revenues increased $35.3 million,
or 32 percent,  again  primarily  attributed  to the growth in  installed  rooms
during 1996 and increased revenues at Ascent Network Services.
      Fourth  Quarter  EBITDA for the segment was $8.0 million,  down 41 percent
from $13.6 million in the fourth quarter of 1995.  Excluding the $6.7 million of
one-time charges at On Command which affected  EBITDA,  the segment's EBITDA for
the fourth quarter of 1996 would have increased by 8 percent to $14.7 million.
      MultiMedia  Distribution  segment EBITDA for 1996 was $52.5 million versus
$48.3 million in 1995,  an increase of 9 percent.  Excluding the $6.7 million of
one-time charges at On Command which affected  EBITDA,  the segment's EBITDA for
1996 would have increased by 23 percent to $59.2 million.
      The  MultiMedia  Distribution  segment  reported an operating loss for the
fourth  quarter of 1996 of $14.4  million  compared to operating  income of $1.6
million in the  fourth  quarter  of 1995.  For 1996,  the  segment  reported  an
operating loss of $9.7 million versus an operating loss of $8.0 million in 1995.
Excluding  the $8.7 million in one time  charges at On Command,  $6.7 million of
which affected  EBITDA,  the 1996 operating loss for the segment would have been
$1 million.
      As of December 31, 1996, On Command's room  installation  base was 918,000
rooms  consisting  of 466,000 On Command  Video rooms and 452,000  SpectraVision
rooms. The total number of on-demand rooms was 710,000.  The number of scheduled
pay-per-view  rooms was 208,000.  One year  earlier,  On Command Video had total
installed rooms of 361,000, all of them on-demand.


Entertainment
      Fourth  quarter 1996  revenues for this  segment,  which  includes the NHL
Stanley  Cup  Champion  Colorado  Avalanche,  the NBA Denver  Nuggets and Beacon
Communications,  were $30.6 million,  versus $25.9 million one year earlier,  an
increase of 18 percent.  This increase is  principally  due to  additional  home
games played by the Avalanche in the fourth quarter of 1996 as compared to 1995,
combined with a ticket price increase for the 1996-97  hockey season.  While the
Nuggets  also  played  additional  home games in the  fourth  quarter of 1996 as
compared to 1995 and raised  ticket  prices,  these factors were offset by lower
ticket  revenues  due to  reduced  attendance.  In  addition,  during the fourth
quarter of 1996,  Beacon had no movie  releases and generated  minimal  revenues
from prior movie releases.
      For 1996,  Entertainment Segment revenues were $90.1 million, a 37 percent
increase  over 1995  revenues of $66 million,  primarily as a result of revenues
from the Avalanche. The Avalanche,  acquired in July 1995, reflected no revenues
in the first half of 1995 as compared to $23.5  million for the first six months
of 1996.  The  increased  Avalanche  revenues  were  partially  offset  by lower
revenues at the Nuggets,  primarily  attributable to the absence of $9.2 million
in NBA expansion fees recognized in 1995, and by lower revenues at Beacon.
             The  Entertainment  Segment's  $9.3 million  operating loss for the
fourth  quarter of 1996 compares to an $11.2 million loss in the fourth  quarter
of 1995. The segment reported a 1996 operating loss of $24.8 million compared to
a loss of $9.4 million in 1995 as  restated.  This  increased  loss is primarily
attributable to increased  operating  losses incurred by the Nuggets,  primarily
attributable to the absence of the $9.2 million in NBA expansion fees previously
discussed.

Other
      Interest  expense for 1996 was $10.7 million compared to $800,000 in 1995.
This  increase  is  attributable  to  borrowings  incurred in  conjunction  with
Ascent's initial public offering in December 1995 and the additional  borrowings
incurred during 1996 for capital expenditures and other investment requirements,
including  assumption of debt in connection with the SpectraVision  acquisition.
In conjunction with the  SpectraVision  transaction,  the Company and On Command
each  obtained  new credit  agreements  with a bank.  The  Company  recorded  an
extraordinary  loss of $334,000,  net of taxes, in the fourth quarter of 1996 in
connection  with the  extinguishment  of its previous  credit  facility with its
former lender.
      The Company's effective tax rate in the fourth quarter of 1996 declined to
15 percent as compared to an effective  rate of 35 percent in the fourth quarter
of 1995. On an annual basis,  the effective  rate declined to 22 percent in 1996
from 32.5 percent in 1995.  These  declines in the Company's  effective tax rate
are  primarily  attributable  to the losses  incurred  by On Command  during the
fourth  quarter  of  1996,  in  which  no  tax  benefit  was  recognized  due to
uncertainties regarding the recoverability of these tax losses.
      Ascent Entertainment  Group's principal business is providing  interactive
entertainment and information services through its majority-owned  subsidiary On
Command   Corporation   (NASDAQ:ONCO).   Ascent  owns  and  operates  additional
entertainment-related   businesses,  including  the  NHL  Stanley  Cup  Champion
Colorado  Avalanche,  NBA Denver  Nuggets  and Beacon  Communications,  a motion
picture and television production company.
                                 ###
For a menu of Ascent  Entertainment  Group's news  releases  available by fax 24
hours (no charge) or to retrieve a specific release, please call 1-800-758-5804,
ext. 152850, or access the address http://www.prnewswire.com on the internet.


<PAGE>




<TABLE>


                       ASCENT ENTERTAINMENT GROUP, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                    UNAUDITED
                   (in millions, except per share amounts)
<CAPTION>
--------------------------------------------------------------------
                            Three Months Ended  Twelve Months Ended
--------------------------------------------------------------------
--------------------------------------------------------------------
                                 Dec. 31              Dec. 31
                                 -------              -------
--------------------------------------------------------------------
--------------------------------------------------------------------
                             1996       1995      1996      1995
--------------------------------------------------------------------
--------------------------------------------------------------------
<S>                          <C>      <C>        <C>       <C>

--------------------------------------------------------------------
--------------------------------------------------------------------
Revenues                     $91.6     $59.7     $258.1    $201.8
--------------------------------------------------------------------
--------------------------------------------------------------------
Operating Expenses           91.8       56.3      227.6     164.6
--------------------------------------------------------------------
--------------------------------------------------------------------
Depreciation and             25.6       14.9      74.8      53.7
amortization
--------------------------------------------------------------------
--------------------------------------------------------------------
Provision for                 0.0       0.0        0.0      10.9
                              ---       ---        ---      ----
Restructuring
--------------------------------------------------------------------
--------------------------------------------------------------------
Operating Loss              (25.8)     (11.5)    (44.3)    (27.4)
--------------------------------------------------------------------
--------------------------------------------------------------------
Interest expense             (4.8)     (0.4)     (10.7)     (0.8)
--------------------------------------------------------------------
--------------------------------------------------------------------
Other income (expense),       0.1      (0.2)       0.5      (2.0)
                              ---      -----       ---      -----
net
--------------------------------------------------------------------
--------------------------------------------------------------------
Loss before taxes,          (30.5)     (12.1)    (54.5)    (30.2)
minority
    interest &
extraordinary loss
--------------------------------------------------------------------
--------------------------------------------------------------------
Income tax benefit            4.7       4.3       12.0       9.8
                              ---       ---       ----       ---
--------------------------------------------------------------------
--------------------------------------------------------------------
Loss before minority        (25.8)     (7.8)     (42.5)    (20.4)
interest and
    extraordinary loss
--------------------------------------------------------------------
--------------------------------------------------------------------
Minority interest             7.1      (0.1)       6.8      (0.6)
--------------------------------------------------------------------
--------------------------------------------------------------------
Extraordinary loss on        (0.3)      0.0       (0.3)      0.0
                             -----      ---       -----      ---
early
    extinguishment of
debt, net of
    taxes
--------------------------------------------------------------------
--------------------------------------------------------------------
Net loss                    ($19.0)    ($7.9)    ($36.0)   ($21.0)
                            =======    ======    =======   =======
--------------------------------------------------------------------
--------------------------------------------------------------------
EBITDA                      ($0.2)      $3.4      $30.5     $37.2
                            ======      ====      =====     =====
-------------------------------------------------------------------
-------------------------------------------------------------------
Net loss per share          ($0.64)   ($0.32)    ($1.21)   ($0.87)
                            =======   =======    =======   =======
-------------------------------------------------------------------
-------------------------------------------------------------------
EBITDA per share            ($0.01)    $0.14      $1.03     $1.54
                            =======    =====      =====     =====




-------------------------------------------------------------------
-------------------------------------------------------------------
Weighted avg. number of 
shares                       29.8       24.9      29.8      24.2
                             ====       ====      ====      ====


<PAGE>


</TABLE>

--------------------------------------------------------------------------
     ASCENT 4TH QUARTER/YEAR-END RESULTS
--------------------------------------------------------------------------
     FEBRUARY 19, 1997 -- PAGE 9



<TABLE>


                       ASCENT ENTERTAINMENT GROUP, INC.
                             SELECTED FINANCIAL DATA
                     (in millions, except for rooms data)

<CAPTION>
----------------------------------------------------------------------------
                            Three Months Ended       Twelve Months Ended
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                 Dec. 31                   Dec. 31
                                 -------                   -------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             1996        1995         1996         1995
----------------------------------------------------------------------------
----------------------------------------------------------------------------

<S>                         <C>         <C>          <C>          <C>
----------------------------------------------------------------------------
----------------------------------------------------------------------------
REVENUES:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Multimedia Distribution     $61.0        $33.8       $168.0       $135.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Entertainment                30.6        25.9         90.1         66.0
                             ----        ----         ----         ----
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total                       $91.6        $59.7       $258.1       $201.8
                            =====        =====       ======       ======
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
EBITDA:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Multimedia Distribution      $8.0        $13.6       $52.5        $48.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Entertainment               (6.2)        (8.2)       (12.3)       (1.1)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
General & Administrative    (2.0)        (2.0)       (9.7)        (10.0)
                            -----        -----       -----        ------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total                       ($0.2)       $3.4        $30.5        $37.2
                            ======       ====        =====        =====
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
OPERATING INCOME (LOSS):
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MultMedia Distribution     ($14.4)       $1.6        ($9.8)       ($8.0)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Entertainment               (9.3)       (11.2)       (24.8)       (9.4)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
General & Administrative    (2.1)        (1.9)       (9.7)        (10.0)
                            -----        -----       -----        ------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total                      ($25.8)      ($11.5)     ($44.3)      ($27.4)
                           =======      =======     =======      =======
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Debt Outstanding                                     $197.5       $70.2
                                                     ======       =====
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Guest - Pay Rooms:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
On-Demand                                           710,000      361,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Schedule only                                       208,000

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total                                               918,000      361,000
                                                    =======      =======
----------------------------------------------------------------------------
</TABLE>
[{"type": "8-K", "sequence": "1", "description": "PRESS RELEASE", "secsgml_size_bytes": 26175}]
{"company-data": {"conformed-name": "ASCENT ENTERTAINMENT GROUP INC", "cik": "0001002666", "assigned-sic": "4841", "irs-number": "521930707", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27192", "film-number": "97540993"}, "business-address": {"street1": "1200 SEVENTEENTH STREET", "street2": "SUITE 2800", "city": "DENVER", "state": "CO", "zip": "80202", "phone": "(303) 626-7000"}, "former-company": {"former-conformed-name": "COMSAT ENTERTAINMENT GROUP INC", "date-changed": "19951025"}}
SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                PURSUANT TO SECTION 13 OR 15(D) OF THE
                   SECURITIES EXCHANGE ACT OF 1934

Date  of  report  (Date  of  earliest  event   reported): February 19, 1997

                        ASCENT ENTERTAINMENT GROUP, INC.
             (Exact name of registrant as specified in its charter)

   Delaware                         0-27192                  52-1930707
(State or other jurisdiction of   (Commission         (I.R.S. Employer
incorporation or organization) File No.)       Identification No.)

                         One Tabor Center
                       1200 Seventeenth Street, Suite 2800
                             Denver, Colorado 80202
                    (Address of principal executive offices)

                           (303) 626-7000
        (Registrant's telephone number, including area code)
Item 5.     Other Events

On  February  19,  1997,  Ascent  Entertainment  Group,  Inc.  ("Ascent"  or the
"Company")  issued a press release  reporting its fourth quarter 1996 and fiscal
year 1996 financial results. A copy of the release is attached hereto as Exhibit
20 and incorporated herein by reference.

Item 7.     Financial Statements and Exhibits

       (c)  Exhibits  (listed  according  to the  number  assigned  in
Item 601 of Regulation S-K)

       Exhibit No.                                   Description

            20                            Press Release dated February 19, 1997
SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                        Ascent Entertainment Group, Inc.

                             By:/s/ Arthur M. Aaron
                                 Arthur M. Aaron
              Vice President, Business and Legal Affairs

Date: February 20, 1997
Exhibit Index

Exhibit                                
  No.                                        Description
  20                          Press Release of Ascent Entertainment Group, Inc. 
                              dated February 19, 1997
MORE

           Ascent Reports Fourth Quarter and 1996 Results

For Immediate Release:
Wednesday, February 19, 1997
Contact:   Media                                      Investors
           Paul Jacobson       Karen Amrhine          Jim Cronin
           Ascent              Sard, Verbinnen & Co.  Ascent
           303.626.7060        212.687.8080           303.626.7010

Denver, Colo. -- Ascent  Entertainment Group, Inc.  (NASDAQ:GOAL) today reported
revenues for 1996 of $258.1 million,  an increase of 28 percent over revenues of
$201.8  million for 1995,  and revenues for the fourth  quarter of 1996 of $91.6
million,  an increase of 53 percent over 1995 fourth  quarter  revenues of $59.7
million.  Revenues for both 1996 periods  include $21.4 million in revenues from
the SpectraVision, Inc. assets acquired by Ascent's 57 percent-owned subsidiary,
On Command  Corporation (On Command),  in October 1996. The increase in revenues
for 1996 is also  attributable  to  higher  revenues  at On  Command,  excluding
SpectraVision,  and a full year of revenues  for the Colorado  Avalanche.  These
increases in revenue were partially  offset by the absence of 1996 revenues from
the Company's  Satellite  Cinema  operations,  which were terminated in December
1995,  and lower  revenues at the Denver  Nuggets,  primarily the absence of NBA
expansion fees recognized in 1995.
      "In 1996 we accomplished our goal of continuing to create value in each of
our  businesses,"  said Charlie  Lyons,  president  and CEO of Ascent.  "We were
disciplined in the way we executed,  in that we did not experience a significant
negative impact on our short term results. A major accomplishment for Ascent was
the acquisition of Spectravision, which positioned us as the unquestioned leader
in the hospitality industry in-room entertainment business,  increasing our room
base at On Command by over 450,000 rooms.
      "Our  acquisition  and relocation of the Colorado  Avalanche went smoothly
and in 1996 we brought the state of Colorado its first major professional sports
championship,"  Lyons added.  "We are working to reach an  agreement  that would
result  in a new  arena in  Colorado.  At  Beacon,  we  entered  into a  20-film
distribution deal with Universal Pictures,  Inc. In addition,  we produced three
films which are  expected to be released in 1997 through  Columbia  Pictures and
The Walt Disney Company.  Finally,  at our Ascent Network Services subsidiary we
were  awarded  the  partial  digital  upgrade  contract  with  MS-NBC,   further
strengthening our relationship with NBC."
      Ascent's  earnings before interest,  taxes,  depreciation and amortization
(EBITDA)  for 1996  decreased  18 percent,  from $37.2  million in 1995 to $30.5
million in 1996,  the 1995 amount  having been  restated  as  described  further
below. Ascent's EBITDA for the fourth quarter of 1996 decreased $3.6 million, or
105  percent,  from $3.4  million  in the  fourth  quarter  1995,  as  restated.
Excluding  approximately  $6.7 million in charges at On Command which  decreased
EBITDA and which On Command believes are one-time in nature, EBITDA for the year
would have stayed  constant at $37.2 million,  and EBITDA for the fourth quarter
of 1996 would have increased 91 percent to $6.5 million.
ASCENT 4TH QUARTER/YEAR-END RESULTS

FEBRUARY 19, 1997 -- PAGE 7

                                      MORE

      Ascent  reported a net loss for fiscal  year 1996 of $36.0  million,  or a
loss of $1.21  per  share.  This loss  compares  to a net loss for 1995 of $21.0
million,  as restated,  or a loss of $0.87 per share.  For the fourth quarter of
1996, Ascent reported a net loss of $19.0 million, or a loss of $0.64 per share,
compared  to a net  loss in the  fourth  quarter  of 1995  of $7.9  million,  as
restated,  or a loss of $0.32 per share. The increased net loss for the year and
the quarter is primarily  attributable to increased losses at the Denver Nuggets
and,  to a lesser  extent,  losses at On Command in the fourth  quarter of 1996.
Excluding the one-time  charges of $8.7 million ($6.7 million of which  affected
EBITDA) at On Command in the fourth  quarter,  the Company's 1996 net loss would
have been $31.0  million,  and the net loss for the fourth quarter of 1996 would
have been $14.0 million.
      In a filing with the Securities and Exchange Commission today, the Company
restated its 1995 financial  statements.  The restatement increased the 1995 net
loss from $19.5 million,  or a loss of $0.80 per share,  to $21.0 million,  or a
loss of $0.87 per  share.  The  restatement  also had the  affect of  decreasing
EBITDA from $40.8  million to $37.2  million  for 1995 and from $7.0  million to
$3.4 million for the fourth quarter of 1995. The  restatement  resulted from the
Company's determination that certain adjustments related to film inventory and a
film distribution agreement should be made to the 1995 financial statements.

MultiMedia Distribution
      Fourth  quarter 1996 revenues for this segment,  which includes On Command
and Ascent  Network  Services,  were  $61.0  million,  up 81 percent  from $33.8
million in the comparable 1995 period.  Excluding  revenues of $4.5 million from
Satellite  Cinema  in  the  fourth  quarter  of  1995  and  $21.4  million  from
SpectraVision  in the fourth quarter of 1996,  MultiMedia  Distribution  segment
revenues  increased  $10.3 million in the fourth quarter of 1996 over the fourth
quarter of 1995.  This  increase is  primarily  attributable  to the growth from
361,000 installed on-demand rooms as of December 31, 1995 to 466,000 at December
31,  1996 and  growth in  revenues  at Ascent  Network  Services  due in part to
revenues earned under the MS-NBC partial digital upgrade.
      For 1996,  MultiMedia  Distribution  segment  revenues were $168.0 million
versus  $135.8  million in 1995,  an increase of 24 percent.  Excluding the 1995
Satellite  Cinema revenues of $24.5 million and 1996  SpectraVision  revenues of
$21.4 million, MultiMedia Distribution segment revenues increased $35.3 million,
or 32 percent,  again  primarily  attributed  to the growth in  installed  rooms
during 1996 and increased revenues at Ascent Network Services.
      Fourth  Quarter  EBITDA for the segment was $8.0 million,  down 41 percent
from $13.6 million in the fourth quarter of 1995.  Excluding the $6.7 million of
one-time charges at On Command which affected  EBITDA,  the segment's EBITDA for
the fourth quarter of 1996 would have increased by 8 percent to $14.7 million.
      MultiMedia  Distribution  segment EBITDA for 1996 was $52.5 million versus
$48.3 million in 1995,  an increase of 9 percent.  Excluding the $6.7 million of
one-time charges at On Command which affected  EBITDA,  the segment's EBITDA for
1996 would have increased by 23 percent to $59.2 million.
      The  MultiMedia  Distribution  segment  reported an operating loss for the
fourth  quarter of 1996 of $14.4  million  compared to operating  income of $1.6
million in the  fourth  quarter  of 1995.  For 1996,  the  segment  reported  an
operating loss of $9.7 million versus an operating loss of $8.0 million in 1995.
Excluding  the $8.7 million in one time  charges at On Command,  $6.7 million of
which affected  EBITDA,  the 1996 operating loss for the segment would have been
$1 million.
      As of December 31, 1996, On Command's room  installation  base was 918,000
rooms  consisting  of 466,000 On Command  Video rooms and 452,000  SpectraVision
rooms. The total number of on-demand rooms was 710,000.  The number of scheduled
pay-per-view  rooms was 208,000.  One year  earlier,  On Command Video had total
installed rooms of 361,000, all of them on-demand.

Entertainment
      Fourth  quarter 1996  revenues for this  segment,  which  includes the NHL
Stanley  Cup  Champion  Colorado  Avalanche,  the NBA Denver  Nuggets and Beacon
Communications,  were $30.6 million,  versus $25.9 million one year earlier,  an
increase of 18 percent.  This increase is  principally  due to  additional  home
games played by the Avalanche in the fourth quarter of 1996 as compared to 1995,
combined with a ticket price increase for the 1996-97  hockey season.  While the
Nuggets  also  played  additional  home games in the  fourth  quarter of 1996 as
compared to 1995 and raised  ticket  prices,  these factors were offset by lower
ticket  revenues  due to  reduced  attendance.  In  addition,  during the fourth
quarter of 1996,  Beacon had no movie  releases and generated  minimal  revenues
from prior movie releases.
      For 1996,  Entertainment Segment revenues were $90.1 million, a 37 percent
increase  over 1995  revenues of $66 million,  primarily as a result of revenues
from the Avalanche. The Avalanche,  acquired in July 1995, reflected no revenues
in the first half of 1995 as compared to $23.5  million for the first six months
of 1996.  The  increased  Avalanche  revenues  were  partially  offset  by lower
revenues at the Nuggets,  primarily  attributable to the absence of $9.2 million
in NBA expansion fees recognized in 1995, and by lower revenues at Beacon.
             The  Entertainment  Segment's  $9.3 million  operating loss for the
fourth  quarter of 1996 compares to an $11.2 million loss in the fourth  quarter
of 1995. The segment reported a 1996 operating loss of $24.8 million compared to
a loss of $9.4 million in 1995 as  restated.  This  increased  loss is primarily
attributable to increased  operating  losses incurred by the Nuggets,  primarily
attributable to the absence of the $9.2 million in NBA expansion fees previously
discussed.

Other
      Interest  expense for 1996 was $10.7 million compared to $800,000 in 1995.
This  increase  is  attributable  to  borrowings  incurred in  conjunction  with
Ascent's initial public offering in December 1995 and the additional  borrowings
incurred during 1996 for capital expenditures and other investment requirements,
including  assumption of debt in connection with the SpectraVision  acquisition.
In conjunction with the  SpectraVision  transaction,  the Company and On Command
each  obtained  new credit  agreements  with a bank.  The  Company  recorded  an
extraordinary  loss of $334,000,  net of taxes, in the fourth quarter of 1996 in
connection  with the  extinguishment  of its previous  credit  facility with its
former lender.
      The Company's effective tax rate in the fourth quarter of 1996 declined to
15 percent as compared to an effective  rate of 35 percent in the fourth quarter
of 1995. On an annual basis,  the effective  rate declined to 22 percent in 1996
from 32.5 percent in 1995.  These  declines in the Company's  effective tax rate
are  primarily  attributable  to the losses  incurred  by On Command  during the
fourth  quarter  of  1996,  in  which  no  tax  benefit  was  recognized  due to
uncertainties regarding the recoverability of these tax losses.
      Ascent Entertainment  Group's principal business is providing  interactive
entertainment and information services through its majority-owned  subsidiary On
Command   Corporation   (NASDAQ:ONCO).   Ascent  owns  and  operates  additional
entertainment-related   businesses,  including  the  NHL  Stanley  Cup  Champion
Colorado  Avalanche,  NBA Denver  Nuggets  and Beacon  Communications,  a motion
picture and television production company.
                                 ###
For a menu of Ascent  Entertainment  Group's news  releases  available by fax 24
hours (no charge) or to retrieve a specific release, please call 1-800-758-5804,
ext. 152850, or access the address http://www.prnewswire.com on the internet.
ASCENT ENTERTAINMENT GROUP, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                    UNAUDITED
                   (in millions, except per share amounts)
--------------------------------------------------------------------
                            Three Months Ended  Twelve Months Ended
--------------------------------------------------------------------
--------------------------------------------------------------------
                                 Dec. 31              Dec. 31
                                 -------              -------
--------------------------------------------------------------------
--------------------------------------------------------------------
                             1996       1995      1996      1995
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
Revenues                     $91.6     $59.7     $258.1    $201.8
--------------------------------------------------------------------
--------------------------------------------------------------------
Operating Expenses           91.8       56.3      227.6     164.6
--------------------------------------------------------------------
--------------------------------------------------------------------
Depreciation and             25.6       14.9      74.8      53.7
amortization
--------------------------------------------------------------------
--------------------------------------------------------------------
Provision for                 0.0       0.0        0.0      10.9
                              ---       ---        ---      ----
Restructuring
--------------------------------------------------------------------
--------------------------------------------------------------------
Operating Loss              (25.8)     (11.5)    (44.3)    (27.4)
--------------------------------------------------------------------
--------------------------------------------------------------------
Interest expense             (4.8)     (0.4)     (10.7)     (0.8)
--------------------------------------------------------------------
--------------------------------------------------------------------
Other income (expense),       0.1      (0.2)       0.5      (2.0)
                              ---      -----       ---      -----
net
--------------------------------------------------------------------
--------------------------------------------------------------------
Loss before taxes,          (30.5)     (12.1)    (54.5)    (30.2)
minority
    interest &
extraordinary loss
--------------------------------------------------------------------
--------------------------------------------------------------------
Income tax benefit            4.7       4.3       12.0       9.8
                              ---       ---       ----       ---
--------------------------------------------------------------------
--------------------------------------------------------------------
Loss before minority        (25.8)     (7.8)     (42.5)    (20.4)
interest and
    extraordinary loss
--------------------------------------------------------------------
--------------------------------------------------------------------
Minority interest             7.1      (0.1)       6.8      (0.6)
--------------------------------------------------------------------
--------------------------------------------------------------------
Extraordinary loss on        (0.3)      0.0       (0.3)      0.0
                             -----      ---       -----      ---
early
    extinguishment of
debt, net of
    taxes
--------------------------------------------------------------------
--------------------------------------------------------------------
Net loss                    ($19.0)    ($7.9)    ($36.0)   ($21.0)
                            =======    ======    =======   =======
--------------------------------------------------------------------
--------------------------------------------------------------------
EBITDA                      ($0.2)      $3.4      $30.5     $37.2
                            ======      ====      =====     =====
-------------------------------------------------------------------
-------------------------------------------------------------------
Net loss per share          ($0.64)   ($0.32)    ($1.21)   ($0.87)
                            =======   =======    =======   =======
-------------------------------------------------------------------
-------------------------------------------------------------------
EBITDA per share            ($0.01)    $0.14      $1.03     $1.54
                            =======    =====      =====     =====

-------------------------------------------------------------------
-------------------------------------------------------------------
Weighted avg. number of 
shares                       29.8       24.9      29.8      24.2
                             ====       ====      ====      ====
--------------------------------------------------------------------------
     ASCENT 4TH QUARTER/YEAR-END RESULTS
--------------------------------------------------------------------------
     FEBRUARY 19, 1997 -- PAGE 9

                       ASCENT ENTERTAINMENT GROUP, INC.
                             SELECTED FINANCIAL DATA
                     (in millions, except for rooms data)
----------------------------------------------------------------------------
                            Three Months Ended       Twelve Months Ended
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                 Dec. 31                   Dec. 31
                                 -------                   -------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             1996        1995         1996         1995
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
REVENUES:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Multimedia Distribution     $61.0        $33.8       $168.0       $135.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Entertainment                30.6        25.9         90.1         66.0
                             ----        ----         ----         ----
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total                       $91.6        $59.7       $258.1       $201.8
                            =====        =====       ======       ======
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
EBITDA:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Multimedia Distribution      $8.0        $13.6       $52.5        $48.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Entertainment               (6.2)        (8.2)       (12.3)       (1.1)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
General & Administrative    (2.0)        (2.0)       (9.7)        (10.0)
                            -----        -----       -----        ------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total                       ($0.2)       $3.4        $30.5        $37.2
                            ======       ====        =====        =====
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
OPERATING INCOME (LOSS):
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MultMedia Distribution     ($14.4)       $1.6        ($9.8)       ($8.0)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Entertainment               (9.3)       (11.2)       (24.8)       (9.4)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
General & Administrative    (2.1)        (1.9)       (9.7)        (10.0)
                            -----        -----       -----        ------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total                      ($25.8)      ($11.5)     ($44.3)      ($27.4)
                           =======      =======     =======      =======
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Debt Outstanding                                     $197.5       $70.2
                                                     ======       =====
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Guest - Pay Rooms:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
On-Demand                                           710,000      361,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Schedule only                                       208,000

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total                                               918,000      361,000
                                                    =======      =======
----------------------------------------------------------------------------