Kroenke Sports & Entertainment Bid For Outdoor Channel Accepted
Outdoor Channel Holdings yesterday announced that it has "accepted Kroenke Sports & Entertainment's unsolicited buyout offer of $8.75 per share, which values" the net at about $227M, according to Andy Vuong of the DENVER POST. Temecula, Calif.-based Outdoor is "leaving previous merger partner InterMedia Outdoor Holdings and its $8-a-share offer at the altar, a deal that had been expected to close this quarter until KSE launched its bid." The deal is "expected to close in the second quarter." Outdoor "paid InterMedia, operator of the Sportsman Channel, a break-up fee of $6.5 million and has agreed to a $1 million fee if it terminates the KSE transaction." Denver-based KSE's cable network assets "include Altitude Sports & Entertainment and World Fishing Network." The Outdoor Channel "reaches nearly 40 million potentially pay-TV subscribers" (DENVER POST, 3/14). In N.Y., Michael De La Merced reported Outdoor Channel was "advised by Lazard and the law firm Wilson Sonsini Goodrich & Rosati." KSE was "advised by Allen & Company and the law firm Wachtell, Lipton, Rosen & Katz" (NYTIMES.com, 3/13).