InterMedia Outdoors Holdings, which owns the Sportsman Channel, agreed to...
InterMedia Outdoors Holdings, which owns the Sportsman Channel, agreed to buy control of Outdoor Channel Holdings and form a new company, InterMedia Outdoor Holdings Inc., in a cash and stock “election merger,” the companies said. Outdoor Channel shareholders will be…
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entitled either to $8 or one share in the new company for each share of Outdoor they hold, the Outdoor Channel said. That values the deal at about $207 million based on Outdoor Channel’s 25.82 million shares outstanding. The new company has secured $150 million from CIT Communications, Media and Entertainment to finance part of the deal and to refinance some debt, it said. The transaction is expected to close before April, the company said. Outdoor Channel’s shares closed up 4.6 percent Friday to $7.52.