<PAGE>

                                                                    EXHIBIT 99.2


ASCENT ENTERTAINMENT GROUP, INC.
PRESS RELEASE


            TCI'S LIBERTY MEDIA AGREES TO INVEST IN ASCENT'S PEPSI CENTER
                                    ARENA PROJECT
              ASCENT STRIKES 7-YEAR TV RIGHTS DEAL WITH FOX SPORTS ROCKY
                          MOUNTAIN FOR NUGGETS AND AVALANCHE
                                           
                                           
FOR RELEASE:
Wednesday, August 13, 1997

Contact: Ascent Entertainment, Paul Jacobson  (303) 626-7060
         TCI, Lela Cocoros or Joann Dobbs  (303) 267-5273
         Liberty Media Corporation, Vivian Carr  (303) 721-5406
         Fox Sports Rocky Mountain, Susan Stallworth  (303) 267-7219

Denver, Colo. --  Ascent Entertainment Group, Inc. (NASDAQ:GOAL) Chairman and
CEO Charlie Lyons, Tele-Communications, Inc. (TCI) President and Chief Operating
Officer Leo J. Hindery, Jr. and Liberty Media Corporation (NASDAQ:LBTYA/LBTYB)
(Liberty) President and CEO Robert Bennett announced today that TCI's 
wholly-owned subsidiary Liberty will invest $15 million in the Denver Arena 
Company, LLC, the Ascent entity that will build, own and operate the Pepsi 
Center arena project.  The $15 million represents a significant portion of the 
equity that will be invested in the center.

Ascent and FOX Sports Rocky Mountain (FSR), a 50-50 partnership between Liberty
and The News Corporation, also announced the signing of a seven-year regional
television license agreement for Ascent's NBA Denver Nuggets and NHL Colorado
Avalanche franchises.

At a Denver City Hall ceremony today at 11:00 a.m., Lyons and Denver Mayor
Wellington Webb will formally sign a memorandum of understanding setting forth
the terms for Ascent to build, own and operate the new Pepsi Center in Denver's
Central Platte Valley near downtown.  Hindery and Bennett will join Lyons and
Webb at the signing ceremony.

Arena Investment
Liberty's investment will be in the Denver Arena Company, LLC, the business unit
established by Ascent to develop, construct, own and operate the Pepsi Center. 
As an investor, TCI and Liberty will not be involved in the management or
operation of the Pepsi Center or the Avalanche or Nuggets.

<PAGE>

ASCENT - LIBERTY - FOX SPORTS
August 13, 1997 - Page 2


"Today Ascent is joining together with Denver's civic leadership and one of
Denver's finest corporate citizens to make history for Denver sports fans," said
Charlie Lyons, chairman and CEO of Ascent.  "TCI and Liberty have recognized the
value of Ascent's assets in choosing to make these long-term investments.  This
is a major contribution to the community and a solid endorsement of Ascent's
business strategy."

"The local spirit and support around each home-town team is certainly alive and
well in Denver, and it is something that TCI is proud to be a part of," said
Hindery.  "We are truly pleased that our involvement in the arena project will
help ensure that the Avalanche and Nuggets will be part of the Denver community
for many years to come.  With this partnership, we will also be able to bring
our customers in this region their local sports teams, taking advantage of this
new, state-of-the-art arena and providing fans with both live and in-home sports
enjoyment."

"We share a passion for sports with many of TCI's customers, and we look forward
to continuing to bring the Colorado Avalanche and the Denver Nuggets directly to
the homes in the Denver community and the entire Rocky Mountain region for many
years to come," said Bennett.  "This investment and our partnership with the
Ascent organization will be a valuable addition to Liberty's portfolio."

Television Rights Agreement
The seven-year television rights agreement gives FSR exclusive over-the-air and
cable television rights for 65 regular season games and all available playoff
games for each of the Nuggets and Avalanche beginning with the 1997-1998 season
and concluding with the 2003-2004 season.

FSR will determine the split between over-the-air and cable telecasts.  It is
FSR's intent to distribute games based on the historic pattern of Nuggets and
Avalanche coverage consisting of cable and over-the-air broadcasts.  Fans will
receive the largest cable package ever of Nuggets-Avalanche games.

"We are pleased to be retaining both the Avalanche and Nuggets as part of FSR's
programming and to be expanding our relationship with the teams to include
producing games for broadcast distribution," said Bob Thompson, senior vice
president of tights acquisitions and regional network operations for FOX Sports
Net, the parent company of FSR.

<PAGE>

ASCENT - LIBERTY - FOX SPORTS
August 13, 1997 - Page 3


"In the current highly competitive environment for sports franchise media
rights, this agreement with FSR secures the certainty and significantly
increases the value of those rights to Ascent and provides our franchises and
company with increased financial flexibility," added Lyons.  "Our fans will be
treated as well to the superior production abilities of FOX."

FSR reaches more than 2.7 million cable and satellite subscribers in a seven
state region including Colorado, Kansas, Nebraska, Wyoming, Montana, Idaho, Utah
and parts of Nevada and New Mexico and is one of nine FOX Sports Net 
owned-and-operated regional sports networks, along with numerous affiliated 
systems across the country.

Both transactions are subject to the approvals of Ascent's Board of Directors
and lenders and Liberty's Board of Directors.

Liberty is a wholly owned subsidiary of Tele-Communications, Inc., one of the
nation's leading cable and tele-communications companies.  In addition to its
ownership interest in the FOX Sports Net regional sports networks, Liberty holds
numerous other investments in globally branded entertainment, movie and
electronic retailing networks such as Discovery Channel, BET, FX, QVC, Encore
and STARZ!  Liberty Media Group Series A and B Common Stock are series of 
Tele-Communications, Inc. Common Stock and are traded on the NASDAQ National
Market under the symbols LBTYA and LBTYB, respectively.

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
business including ownership and operation of the NBA Denver Nuggets and NHL
Colorado Avalanche 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.