Battle Over Outdoor Channel Proves Boon To Shareholders
Outdoor Channel shareholders continue to benefit from a battle between sports entrepreneur Stan Kroenke and a private-equity firm that owns the Sportsman Channel.
has a new deal to acquire Outdoor Channel Holdings at $9.35 a share, up from the $8-a-share value in an initial bid last year by InterMedia Partners.
InterMedia’s deal to acquire the network and merge it with the Sportsman Channel and outdoor enthusiast magazines fell apart in March. The Outdoor Channel board opted for an $8.75-per-share deal with Kroenke Sports & Entertainment (KSE) instead.
A $6.5 million break-up fee was paid to InterMedia and the matter seemed closed. But earlier this week, InterMedia, co-led by veteran media executive Leo Hindery, returned to the table with a bid at $9.15 a share.
On Friday came word of KSE’s higher price. The back-and-forth could go on into next week as a shareholder vote is expected May 8.
KSE also controls the Denver Nuggets, Colorado Avalanche and a regional sports network.