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):         October 27, 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 October 27, 1997,  Ascent Entertainment Group,  Inc. (Ascent@) issued  a
press release reporting its third quarter 1997 financial results. A copy of  the
release is attached hereto as Exhibit 20.1 and incorporated herein by reference.

     On October 31, 1997,  Ascent issued a press  release reporting that  Ascent
and the City and County  of Denver had reached  final agreements related to  the
construction and  operation  of Ascent's  proposed  downtown Denver  sports  and
entertainment arena  project    (the  _Arena_)  and  such  agreements  would  be
submitted to  Denver City  Council for  final approval  by November  10, 1997.  
Additionally, Ascent reported  that its lender  had extended the  date by  which
Ascent would have to commence construction  of the Arena under Ascent's   credit
facility from October 31, 1997 to November 11, 1997 with a further extension  of
the date  to November  30, 1997,  if the  City Council  approved the  agreements
regarding the Arena  by November 10,  1997. A copy  of the  release is  attached
hereto as Exhibit 20.2 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


       20.1                          Press Release dated October 27, 1997.
        20.2                          Press Release dated October 31, 1997.

SOME OF  THE STATEMENTS  IN THIS  FORM  8-K ARE  FORWARD-LOOKING AND  RELATE  TO
ANTICIPATED FUTURE OPERATING RESULTS.  FORWARD-LOOKING STATEMENTS ARE BASED UPON
ASCENT'S MANAGEMENT'S CURRENT ASSUMPTIONS, WHICH  MAY BE AFFECTED BY  SUBSEQUENT
DEVELOPMENTS  AND  BUSINESS  CONDITIONS,  AND  NECESSARILY  INVOLVE  RISKS   AND
UNCERTAINTIES.  THEREFORE, THERE CAN BE NO ASSURANCE THAT ACTUAL FUTURE  RESULTS
WILL NOT DIFFER MATERIALLY  FROM ANTICIPATED RESULTS.   READERS SHOULD REFER  TO
ASCENT'S OTHER  DISCLOSURE  DOCUMENTS FILED  WITH  THE SECURITIES  AND  EXCHANGE
COMMISSION, INCLUDING THE COMPANY'S  ANNUAL REPORT ON FORM  10-K FOR THE  FISCAL
YEAR ENDED DECEMBER 31, 1996  AND QUARTERLY REPORT ON  FORM 10-Q FOR THE  FISCAL
QUARTER ENDED JUNE 30, 1997,  FOR SPECIFIC DETAILS ON  SOME OF THE FACTORS  THAT
MAY AFFECT OPERATING RESULTS.<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: October 31, 1997<PAGE>






      ASCENT ENTERTAINMENT REPORTS RECORD 3RD QUARTER REVENUES AND  EBITDA


FOR RELEASE:

Monday, October 27, 1997

CONTACT:  MEDIA:                MEDIA & ANALYSTS: ANALYSTS:
       PAUL JACOBSON          KAREN AMRHINE       JIM CRONIN
       ASCENT            SARD, VERBINNEN          ASCENT
       (303) 626-7060         (212) 687-8080      (303) 626-7010

DENVER, COLO. / Ascent Entertainment Group, Inc. (NASDAQ:GOAL) today reported

record third quarter earnings before interest, taxes, depreciation and

amortization (EBITDA) of $28.0 million, nearly three times the $9.8 million for

the third quarter of 1996. Revenues for the third quarter 1997 were a record

$141 million, up 270 percent from 1996 third quarter revenues of $38.1 million.

The company reported a net loss for the 1997 third quarter of $1.3 million, or

$0.04 per common share, compared with a net loss of $6.0 million, or $0.20 per

common share, for the third quarter of 1996.


_The spectacular success of Air Force One was clearly the primary driver for

this strong quarter. We also enjoyed a solid operating performance at On Command

Corporation,_ said Charlie Lyons, chairman and CEO of Ascent.


The increase in third quarter revenues is primarily due to the release and

delivery of two films produced by the company's wholly-owned subsidiary, Beacon

Communications Corp.: Air Force One and A Thousand Acres. Air Force One,

starring Harrison Ford, has grossed approximately $170 million at the domestic

box office since its July 25th release, the third biggest movie of the summer

season and the fourth largest domestic box office gross so far in 1997. On

Command Corporation, Ascent's 57 percent-owned subsidiary, also produced a

significant increase in revenues due to the increase in the number of hotel

rooms it serves, largely as a result of the acquisition of SpectraVision, Inc.<PAGE>



assets in October 1996. The quarter-to-quarter EBITDA increase is primarily

attributable to the operations of Beacon and On Command. Specifically, Beacon's

EBITDA increased $14.3 million which primarily reflects the results of Air Force

One while On Command's EBITDA increased $4.2 million. The decrease in the net

loss is primarily due to the earnings recognized at Beacon on Air Force One,

offset by increased losses at On Command Corporation. Third quarter 1996 results

for On Command Corporation reflect only the results of On Command Video prior to

the acquisition of SpectraVision which was completed in the fourth quarter of

1996.



MULTIMEDIA DISTRIBUTION

Third quarter 1997 revenues for this segment, which includes On Command

Corporation and Ascent Network Services, were $62.1 million, up 74 percent from

$35.6 million in the comparable 1996 quarter. Third quarter EBITDA for this

segment was $19.0 million, up 30 percent from $14.6 million in the third quarter

of 1996. The segment reported an operating loss for the 1997 third quarter of

$3.2 million compared to an operating profit of $0.4 million in the third

quarter of 1996.


Revenues increased due to a higher installed room base at On Command resulting

primarily from the acquisition of SpectraVision, Inc. assets in October of 1996.

The increase in the operating loss in the third quarter is attributable to

several non-cash items: increased depreciation expense due to the significant

capital expenditures made by On Command in the past 12 months as it increased

its room base, an increase in depreciation relating to the SpectraVision assets

acquired and the amortization of goodwill arising from the acquisition.


As of September 30, 1997, On Command's room installation base was 872,000, a 98

percent increase over the same period a year earlier. Conversions of

SpectraVision properties to On Command's more reliable on-demand system totaled<PAGE>



20,000 rooms for the quarter, while new hotel installations for the quarter were

12,000. Compared to last quarter, On Command's room base declined by 49,000

rooms, primarily due to the previously announced assignment of selected hotel

contracts to Skylink Cinema Corporation. These assigned contracts were

predominantly for hotels receiving satellite delivery of scheduled movies. This

transaction marked the end of On Command's satellite delivery of movie

programming and further decreased its overall expense structure.



ENTERTAINMENT

Third quarter 1997 revenues for this segment, which includes the NHL Colorado

Avalanche, the NBA Denver Nuggets and Beacon Communications, were $78.9 million,

an increase of $76.4 million from $2.5 million in the comparable 1996 quarter. 

In the third quarter of 1997, Beacon recognized revenues of $68.1 million from

the delivery and release of Air Force One and $7.6 million from the delivery of

A Thousand Acres to its domestic distributor. This $68.1 million from Air Force

One  includes Beacon's share of the net domestic box results to-date (after the

domestic distributor and others have recouped certain distribution costs) and

$50.0 million attributable to recognition of previously deferred revenues upon

the delivery of the film to its foreign distributor during the quarter. In the

third quarter of 1996, Beacon had no movie releases and generated minimal

revenues from prior movie releases. While the Nuggets continued their off

season, the Avalanche commenced their pre-season schedule in September and

reflected approximately a $1.0 million increase in pre-season revenues over the

third quarter of 1996, in spite of one fewer pre-season game.


The segment's operating income of $8.9 million for the 1997 third quarter

compares to a $4.9 million loss in the third quarter of 1996. The improved

operating profit for the segment is attributable to the success of Air Force

One. While the Avalanche reflected an improvement in operating income due to an<PAGE>



increase in pre-season revenues, this improvement was offset by increased costs

at the Nuggets related to player contract terminations.



ASCENT CONSOLIDATED

Interest expense for the third quarter of 1997 was $6.0 million compared to $2.3

million in the third quarter of 1996. This increase is attributable to the

additional borrowings incurred during 1996 and the first three quarters of 1997

for capital expenditures, investment requirements (primarily the assumption of

debt in the SpectraVision transaction) and the funding of operating requirements

of Ascent and its subsidiaries.


Ascent has recorded an income tax expense of $1.2 million during the third

quarter of 1997 as compared to an income tax benefit of $2.7 million during the

third quarter of 1996. Up to and until the previously announced spin-off from

COMSAT Corporation on June 27, 1997, the company was able to recognize tax

benefits from its taxable losses as a result of a tax sharing agreement with

COMSAT so long as Ascent was included as a member of the consolidated tax group

of COMSAT. During the third quarter of 1997, the company and the members of its

consolidated tax group recognized tax expense to appropriately reflect its

consolidated net deferred tax liabilities after the spin-off. Furthermore, On

Command, which files a separate return, recognized no tax benefit from its

operating losses due to uncertainties regarding its ability to realize a portion

of the benefits associated with future deductible temporary differences

(deferred tax assets) and net operating loss carry forwards prior to their

expiration.



CASH AND LIQUIDITY

Cash and cash equivalents have increased $14.4 million since year end 1996 to

$18.4 million, which is primarily attributable to the receipt of significant<PAGE>



cash deposits at quarter end relating to the company's local television rights

agreement with Fox Sports. Consolidated bank borrowings under the $140.0 million

Ascent credit facility and the $150.0 million On Command credit facility are

$242.0 million at September 30, 1997. At September 30, 1997, Ascent had $23.0

million of available borrowings and OCC had $13.0 million of available

borrowings under their respective credit facilities subject to certain covenant

restrictions.


Pursuant to the company's amended bank credit agreement, if Ascent does not

commence construction on the proposed Denver arena project prior to October 31,

1997, the Ascent credit facility will be in default.  Due to the existence of

several open issues between Ascent and the City of Denver concerning

construction of the new arena, the office of the mayor of the City of Denver

decided not to seek certain legislative actions from the Denver City Council at

its October 27th meeting that would have averted the default of failing to meet

the deadline. While Ascent and the City of Denver remain in negotiations over

the outstanding issues, Ascent will not meet the October 31 bank deadline nor be

able to provide assurance to its bank lender that a final agreement with the

City of Denver is imminent. Ascent is in discussion with its lender about the

consequences of not beginning construction and the alternatives available to the

company in light of the default.  There can be no assurances that Ascent will be

successful in completing its negotiations with the City of Denver or how it will

resolve the construction default with its lender, and accordingly, Ascent could

be required to refinance its current bank agreement or sell assets.


As previously announced, on October 9, 1997, Ascent amended its bank credit

agreement to extend the date by which Ascent has to raise $50.0 million in

additional debt financing from October 9, 1997 to December 31, 1997. Pursuant to

the amendment, after raising the additional debt financing, Ascent would be able

to renew its current $140.0 million credit facility for up to two more years<PAGE>



after December 31, 1997. Ascent's lender agreed to the extension of the maturity

date based on progress in Ascent's efforts to raise financing through a private

placement offering of debt securities which are expected to raise significantly

in excess of $50.0 million in proceeds. Pursuant to Ascent's credit agreement,

the amount available thereunder would be decreased by an amount equal to the

excess over $50.0 million raised. In consideration for the bank to extend the

credit agreement beyond two years, Ascent is considering even a larger decrease

in the amount to be available under the credit agreement. Based on current

market conditions and satisfaction of certain outstanding issues with the city

of Denver, management of Ascent believes that Ascent will be successful in

obtaining the additional debt financing by December 31, though there can be no

assurances that conditions will not change or that other contingencies will not

arise which could impact Ascent's ability to raise the additional debt financing

or that such financing will be available on terms acceptable to Ascent.



OTHER

Ascent Entertainment Group's principal business is providing pay-per-view

entertainment and information services through its 57 percent-owned On Command

Corporation. In addition, Ascent is involved in other entertainment-related

businesses including ownership and operation of the NBA Denver Nuggets and NHL

Colorado Avalanche, and Beacon Communications, a motion picture and television

production company.


Some of the statements in this news release are forward-looking and relate to

anticipated future operating results. Forward-looking statements are based on

Ascent management's current expectations and assumptions, which may be affected

by subsequent developments and business conditions, and necessarily involve

risks and uncertainties. Therefore, there can be no assurance that actual future

results will not differ materially from anticipated results.<PAGE>



Readers should refer to Ascent's disclosure documents filed with the Securities

and Exchange Commission, including the company's 1996 form 10-K and the form 10-

Qs for the first and second quarters of 1997 for specific details on some of the

factors that may affect operating results.

                                      ###

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>













                    ASCENT FINALIZES ARENA DEAL WITH DENVER

       Lender Grants Extension of Oct. 31 Deadline for Construction Start


FOR IMMEDIATE RELEASE
Monday, November 03, 1997

CONTACT:  MEDIA:              MEDIA & ANALYSTS:        ANALYSTS:
       PAUL JACOBSON          KAREN AMRHINE       JIM CRONIN
       ASCENT            SARD, VERBINNEN          ASCENT
       (303) 626-7060         (212) 687-8080      (303) 626-7010

DENVER, COLO. / Ascent Entertainment Group, Inc. (NASDAQ:GOAL) announced today

that it has finalized with the City and County of Denver the definitive

agreements allowing Ascent to build the new Pepsi Center arena in downtown

Denver.  As previously announced, the state-of-the-art  Pepsi Center is expected

to open in the 1999-2000 NBA and NHL seasons, and serve as the new home for

Ascent's two professional sports franchises, the NBA Denver Nuggets and the NHL

Colorado Avalanche, along with many other entertainment events.  The agreements

will be presented to Denver's City Council for approval on November 3, 1997, and

could be finally adopted by November 10.


As a result of the agreement between Ascent and the City, Ascent today received

a waiver from its lender to extend the October 31, 1997 deadline for commencing

construction on the new arena to November 11, 1997, with an additional extension

to November 30, 1997, conditioned on obtaining final City Council approval for

the agreement.  Though there can be no assurances that the City Council will

approve the agreement or that other contingencies may not arise which could

prevent Ascent from commencing construction, Ascent management currently<PAGE>



believes that approval can be obtained and that construction can commence before

the November 30 deadline.


Some of the statements in this news release are forward-looking and relate to

anticipated future operating results. Forward-looking statements are based on

Ascent management's current expectations and assumptions, which may be affected

by subsequent developments and business conditions, and necessarily involve

risks and uncertainties. Therefore, there can be no assurance that actual future

results will not differ materially from anticipated results.


Ascent Entertainment Group's principal business is providing pay-per-view

entertainment and information services through its majority-owned On Command

Corporation. In addition, Ascent is involved in other entertainment-related

businesses including ownership and operation of the NBA Denver Nuggets and NHL

Colorado Avalanche, and Beacon Communications, a motion picture and television

production company.

                                     # # #<PAGE>
<PAGE>
[{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 19202}]
{"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": "97706578"}, "business-address": {"street1": "1200 SEVENTEENTH STREET", "street2": "SUITE 2800", "city": "DENVER", "state": "CO", "zip": "80202", "phone": "(303)626-7000"}, "mail-address": {"street1": "1200 SEVENTEENTH ST", "street2": "SUITE 2800", "city": "DENVER", "state": "CO", "zip": "80202"}, "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):         October 27, 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 October 27, 1997,  Ascent Entertainment Group,  Inc. (Ascent@) issued  a
press release reporting its third quarter 1997 financial results. A copy of  the
release is attached hereto as Exhibit 20.1 and incorporated herein by reference.

     On October 31, 1997,  Ascent issued a press  release reporting that  Ascent
and the City and County  of Denver had reached  final agreements related to  the
construction and  operation  of Ascent's  proposed  downtown Denver  sports  and
entertainment arena  project    (the  _Arena_)  and  such  agreements  would  be
submitted to  Denver City  Council for  final approval  by November  10, 1997.  
Additionally, Ascent reported  that its lender  had extended the  date by  which
Ascent would have to commence construction  of the Arena under Ascent's   credit
facility from October 31, 1997 to November 11, 1997 with a further extension  of
the date  to November  30, 1997,  if the  City Council  approved the  agreements
regarding the Arena  by November 10,  1997. A copy  of the  release is  attached
hereto as Exhibit 20.2 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

       20.1                          Press Release dated October 27, 1997.
        20.2                          Press Release dated October 31, 1997.

SOME OF  THE STATEMENTS  IN THIS  FORM  8-K ARE  FORWARD-LOOKING AND  RELATE  TO
ANTICIPATED FUTURE OPERATING RESULTS.  FORWARD-LOOKING STATEMENTS ARE BASED UPON
ASCENT'S MANAGEMENT'S CURRENT ASSUMPTIONS, WHICH  MAY BE AFFECTED BY  SUBSEQUENT
DEVELOPMENTS  AND  BUSINESS  CONDITIONS,  AND  NECESSARILY  INVOLVE  RISKS   AND
UNCERTAINTIES.  THEREFORE, THERE CAN BE NO ASSURANCE THAT ACTUAL FUTURE  RESULTS
WILL NOT DIFFER MATERIALLY  FROM ANTICIPATED RESULTS.   READERS SHOULD REFER  TO
ASCENT'S OTHER  DISCLOSURE  DOCUMENTS FILED  WITH  THE SECURITIES  AND  EXCHANGE
COMMISSION, INCLUDING THE COMPANY'S  ANNUAL REPORT ON FORM  10-K FOR THE  FISCAL
YEAR ENDED DECEMBER 31, 1996  AND QUARTERLY REPORT ON  FORM 10-Q FOR THE  FISCAL
QUARTER ENDED JUNE 30, 1997,  FOR SPECIFIC DETAILS ON  SOME OF THE FACTORS  THAT
MAY AFFECT OPERATING RESULTS.
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: October 31, 1997
ASCENT ENTERTAINMENT REPORTS RECORD 3RD QUARTER REVENUES AND  EBITDA

FOR RELEASE:

Monday, October 27, 1997

CONTACT:  MEDIA:                MEDIA & ANALYSTS: ANALYSTS:
       PAUL JACOBSON          KAREN AMRHINE       JIM CRONIN
       ASCENT            SARD, VERBINNEN          ASCENT
       (303) 626-7060         (212) 687-8080      (303) 626-7010

DENVER, COLO. / Ascent Entertainment Group, Inc. (NASDAQ:GOAL) today reported

record third quarter earnings before interest, taxes, depreciation and

amortization (EBITDA) of $28.0 million, nearly three times the $9.8 million for

the third quarter of 1996. Revenues for the third quarter 1997 were a record

$141 million, up 270 percent from 1996 third quarter revenues of $38.1 million.

The company reported a net loss for the 1997 third quarter of $1.3 million, or

$0.04 per common share, compared with a net loss of $6.0 million, or $0.20 per

common share, for the third quarter of 1996.

_The spectacular success of Air Force One was clearly the primary driver for

this strong quarter. We also enjoyed a solid operating performance at On Command

Corporation,_ said Charlie Lyons, chairman and CEO of Ascent.

The increase in third quarter revenues is primarily due to the release and

delivery of two films produced by the company's wholly-owned subsidiary, Beacon

Communications Corp.: Air Force One and A Thousand Acres. Air Force One,

starring Harrison Ford, has grossed approximately $170 million at the domestic

box office since its July 25th release, the third biggest movie of the summer

season and the fourth largest domestic box office gross so far in 1997. On

Command Corporation, Ascent's 57 percent-owned subsidiary, also produced a

significant increase in revenues due to the increase in the number of hotel

rooms it serves, largely as a result of the acquisition of SpectraVision, Inc.
assets in October 1996. The quarter-to-quarter EBITDA increase is primarily

attributable to the operations of Beacon and On Command. Specifically, Beacon's

EBITDA increased $14.3 million which primarily reflects the results of Air Force

One while On Command's EBITDA increased $4.2 million. The decrease in the net

loss is primarily due to the earnings recognized at Beacon on Air Force One,

offset by increased losses at On Command Corporation. Third quarter 1996 results

for On Command Corporation reflect only the results of On Command Video prior to

the acquisition of SpectraVision which was completed in the fourth quarter of

1996.

MULTIMEDIA DISTRIBUTION

Third quarter 1997 revenues for this segment, which includes On Command

Corporation and Ascent Network Services, were $62.1 million, up 74 percent from

$35.6 million in the comparable 1996 quarter. Third quarter EBITDA for this

segment was $19.0 million, up 30 percent from $14.6 million in the third quarter

of 1996. The segment reported an operating loss for the 1997 third quarter of

$3.2 million compared to an operating profit of $0.4 million in the third

quarter of 1996.

Revenues increased due to a higher installed room base at On Command resulting

primarily from the acquisition of SpectraVision, Inc. assets in October of 1996.

The increase in the operating loss in the third quarter is attributable to

several non-cash items: increased depreciation expense due to the significant

capital expenditures made by On Command in the past 12 months as it increased

its room base, an increase in depreciation relating to the SpectraVision assets

acquired and the amortization of goodwill arising from the acquisition.

As of September 30, 1997, On Command's room installation base was 872,000, a 98

percent increase over the same period a year earlier. Conversions of

SpectraVision properties to On Command's more reliable on-demand system totaled
20,000 rooms for the quarter, while new hotel installations for the quarter were

12,000. Compared to last quarter, On Command's room base declined by 49,000

rooms, primarily due to the previously announced assignment of selected hotel

contracts to Skylink Cinema Corporation. These assigned contracts were

predominantly for hotels receiving satellite delivery of scheduled movies. This

transaction marked the end of On Command's satellite delivery of movie

programming and further decreased its overall expense structure.

ENTERTAINMENT

Third quarter 1997 revenues for this segment, which includes the NHL Colorado

Avalanche, the NBA Denver Nuggets and Beacon Communications, were $78.9 million,

an increase of $76.4 million from $2.5 million in the comparable 1996 quarter. 

In the third quarter of 1997, Beacon recognized revenues of $68.1 million from

the delivery and release of Air Force One and $7.6 million from the delivery of

A Thousand Acres to its domestic distributor. This $68.1 million from Air Force

One  includes Beacon's share of the net domestic box results to-date (after the

domestic distributor and others have recouped certain distribution costs) and

$50.0 million attributable to recognition of previously deferred revenues upon

the delivery of the film to its foreign distributor during the quarter. In the

third quarter of 1996, Beacon had no movie releases and generated minimal

revenues from prior movie releases. While the Nuggets continued their off

season, the Avalanche commenced their pre-season schedule in September and

reflected approximately a $1.0 million increase in pre-season revenues over the

third quarter of 1996, in spite of one fewer pre-season game.

The segment's operating income of $8.9 million for the 1997 third quarter

compares to a $4.9 million loss in the third quarter of 1996. The improved

operating profit for the segment is attributable to the success of Air Force

One. While the Avalanche reflected an improvement in operating income due to an
increase in pre-season revenues, this improvement was offset by increased costs

at the Nuggets related to player contract terminations.

ASCENT CONSOLIDATED

Interest expense for the third quarter of 1997 was $6.0 million compared to $2.3

million in the third quarter of 1996. This increase is attributable to the

additional borrowings incurred during 1996 and the first three quarters of 1997

for capital expenditures, investment requirements (primarily the assumption of

debt in the SpectraVision transaction) and the funding of operating requirements

of Ascent and its subsidiaries.

Ascent has recorded an income tax expense of $1.2 million during the third

quarter of 1997 as compared to an income tax benefit of $2.7 million during the

third quarter of 1996. Up to and until the previously announced spin-off from

COMSAT Corporation on June 27, 1997, the company was able to recognize tax

benefits from its taxable losses as a result of a tax sharing agreement with

COMSAT so long as Ascent was included as a member of the consolidated tax group

of COMSAT. During the third quarter of 1997, the company and the members of its

consolidated tax group recognized tax expense to appropriately reflect its

consolidated net deferred tax liabilities after the spin-off. Furthermore, On

Command, which files a separate return, recognized no tax benefit from its

operating losses due to uncertainties regarding its ability to realize a portion

of the benefits associated with future deductible temporary differences

(deferred tax assets) and net operating loss carry forwards prior to their

expiration.

CASH AND LIQUIDITY

Cash and cash equivalents have increased $14.4 million since year end 1996 to

$18.4 million, which is primarily attributable to the receipt of significant
cash deposits at quarter end relating to the company's local television rights

agreement with Fox Sports. Consolidated bank borrowings under the $140.0 million

Ascent credit facility and the $150.0 million On Command credit facility are

$242.0 million at September 30, 1997. At September 30, 1997, Ascent had $23.0

million of available borrowings and OCC had $13.0 million of available

borrowings under their respective credit facilities subject to certain covenant

restrictions.

Pursuant to the company's amended bank credit agreement, if Ascent does not

commence construction on the proposed Denver arena project prior to October 31,

1997, the Ascent credit facility will be in default.  Due to the existence of

several open issues between Ascent and the City of Denver concerning

construction of the new arena, the office of the mayor of the City of Denver

decided not to seek certain legislative actions from the Denver City Council at

its October 27th meeting that would have averted the default of failing to meet

the deadline. While Ascent and the City of Denver remain in negotiations over

the outstanding issues, Ascent will not meet the October 31 bank deadline nor be

able to provide assurance to its bank lender that a final agreement with the

City of Denver is imminent. Ascent is in discussion with its lender about the

consequences of not beginning construction and the alternatives available to the

company in light of the default.  There can be no assurances that Ascent will be

successful in completing its negotiations with the City of Denver or how it will

resolve the construction default with its lender, and accordingly, Ascent could

be required to refinance its current bank agreement or sell assets.

As previously announced, on October 9, 1997, Ascent amended its bank credit

agreement to extend the date by which Ascent has to raise $50.0 million in

additional debt financing from October 9, 1997 to December 31, 1997. Pursuant to

the amendment, after raising the additional debt financing, Ascent would be able

to renew its current $140.0 million credit facility for up to two more years
after December 31, 1997. Ascent's lender agreed to the extension of the maturity

date based on progress in Ascent's efforts to raise financing through a private

placement offering of debt securities which are expected to raise significantly

in excess of $50.0 million in proceeds. Pursuant to Ascent's credit agreement,

the amount available thereunder would be decreased by an amount equal to the

excess over $50.0 million raised. In consideration for the bank to extend the

credit agreement beyond two years, Ascent is considering even a larger decrease

in the amount to be available under the credit agreement. Based on current

market conditions and satisfaction of certain outstanding issues with the city

of Denver, management of Ascent believes that Ascent will be successful in

obtaining the additional debt financing by December 31, though there can be no

assurances that conditions will not change or that other contingencies will not

arise which could impact Ascent's ability to raise the additional debt financing

or that such financing will be available on terms acceptable to Ascent.

OTHER

Ascent Entertainment Group's principal business is providing pay-per-view

entertainment and information services through its 57 percent-owned On Command

Corporation. In addition, Ascent is involved in other entertainment-related

businesses including ownership and operation of the NBA Denver Nuggets and NHL

Colorado Avalanche, and Beacon Communications, a motion picture and television

production company.

Some of the statements in this news release are forward-looking and relate to

anticipated future operating results. Forward-looking statements are based on

Ascent management's current expectations and assumptions, which may be affected

by subsequent developments and business conditions, and necessarily involve

risks and uncertainties. Therefore, there can be no assurance that actual future

results will not differ materially from anticipated results.
Readers should refer to Ascent's disclosure documents filed with the Securities

and Exchange Commission, including the company's 1996 form 10-K and the form 10-

Qs for the first and second quarters of 1997 for specific details on some of the

factors that may affect operating results.

                                      ###

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 FINALIZES ARENA DEAL WITH DENVER

       Lender Grants Extension of Oct. 31 Deadline for Construction Start

FOR IMMEDIATE RELEASE
Monday, November 03, 1997

CONTACT:  MEDIA:              MEDIA & ANALYSTS:        ANALYSTS:
       PAUL JACOBSON          KAREN AMRHINE       JIM CRONIN
       ASCENT            SARD, VERBINNEN          ASCENT
       (303) 626-7060         (212) 687-8080      (303) 626-7010

DENVER, COLO. / Ascent Entertainment Group, Inc. (NASDAQ:GOAL) announced today

that it has finalized with the City and County of Denver the definitive

agreements allowing Ascent to build the new Pepsi Center arena in downtown

Denver.  As previously announced, the state-of-the-art  Pepsi Center is expected

to open in the 1999-2000 NBA and NHL seasons, and serve as the new home for

Ascent's two professional sports franchises, the NBA Denver Nuggets and the NHL

Colorado Avalanche, along with many other entertainment events.  The agreements

will be presented to Denver's City Council for approval on November 3, 1997, and

could be finally adopted by November 10.

As a result of the agreement between Ascent and the City, Ascent today received

a waiver from its lender to extend the October 31, 1997 deadline for commencing

construction on the new arena to November 11, 1997, with an additional extension

to November 30, 1997, conditioned on obtaining final City Council approval for

the agreement.  Though there can be no assurances that the City Council will

approve the agreement or that other contingencies may not arise which could

prevent Ascent from commencing construction, Ascent management currently
believes that approval can be obtained and that construction can commence before

the November 30 deadline.

Some of the statements in this news release are forward-looking and relate to

anticipated future operating results. Forward-looking statements are based on

Ascent management's current expectations and assumptions, which may be affected

by subsequent developments and business conditions, and necessarily involve

risks and uncertainties. Therefore, there can be no assurance that actual future

results will not differ materially from anticipated results.

Ascent Entertainment Group's principal business is providing pay-per-view

entertainment and information services through its majority-owned On Command

Corporation. In addition, Ascent is involved in other entertainment-related

businesses including ownership and operation of the NBA Denver Nuggets and NHL

Colorado Avalanche, and Beacon Communications, a motion picture and television

production company.

                                     # # #