Kroenke Sports Completes Outdoor BuyShareholders Approve Deal 5/17/2013 6:04 AM Eastern
As expected, Kroenke Sports & Entertainment completed its previously announced acquisition of Outdoor Channel Holdings, Inc., for $10.25 per share in cash, pursuant to which Outdoor Channel has become a wholly-owned subsidiary of KSE.
The acquisition adds Outdoor Channel to KSE's sports and multimedia portfolio, which includes regional sports network Altitude Sports & Entertainment, the Colorado Avalanche (National Hockey League), Denver Nuggets (National Basketball Association), Colorado Rapids (Major League Soccer) and Colorado Mammoth (National Lacrosse League), as well as a 50% interest in World Fishing Network. This combination will enable Outdoor Channel to expand in serving the vast and growing consumer base for outdoor enthusiast programming while providing a platform for distributors, producers and advertisers.
"Outdoor Channel is already the nation's leading channel in the outdoor genre. As a part of KSE, Outdoor Channel will be well positioned – competitively, strategically and financially – to meet the needs of its customers and business partners in the future. The acquisition also presents exciting new opportunities both for Outdoor Channel and for KSE as a whole," said KSE president and CEO Jim Martin in a statement.
Shareholders approved the KSE deal at a special meeting of shareholders on May 16 at Outdoor headquarters in Temecula, Calif. In addition, Outdoor, which had been publicly traded, delisted its stock from the NASDAQ Exchange on Friday. The approval ended what had been a lively bidding war for the channel between its original suitor – InterMedia Partners – and KSE. http://www.multichannel.com/finance/kroenke-outlasts-intermedia-outdoor-quest/143241
"We are proud to be a new part of the KSE family," said Outdoor CEO Tom Hornish in a statement. "This is an exceptional transaction that will permit Outdoor Channel to continue its commitment to achieving the highest quality content, the broadest reach and partnering with the top brands. Being under the KSE umbrella will also greatly strengthen our ability to invest in assets, expand our distribution and continue to generate the unparalleled experience our viewers expect. Stan Kroenke is an avid sportsman and conservationist, as well as one of the country's most respected sports owners and media leaders. We look forward to working with him and his management team to reach our shared vision for growth and reach for the network. "