iMedia Brands Announced Asset And Equity Purchase Agreement With An Affiliate Of RNN National Media Group To Sell Substantially All Of The Company's Assets For ~$50M Of Transaction Value

Author: Charles Gross | July 07, 2023 04:16pm

Global media company iMedia Brands, Inc. (the "Company" or "iMedia") (NASDAQ:IMBI, IMBIL))))) today announced that it has entered into an asset and equity purchase agreement (the "AEPA") with an affiliate of RNN National Media Group ("RNN"), a privately owned portfolio of independent broadcast assets and production and distribution capabilities, to sell substantially all of the Company's assets, including its ShopHQ Networks, 1-2-3.tv, iMDS, J.W. Hulme, and Christopher & Banks businesses for approximately $50 million of transaction value, plus the assumption of certain liabilities, contracts and ongoing expenses.

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