An entity controlled by sports entrepreneur Stan Kroenke has finalized its acquisition of the Outdoor Channel after a lengthy bidding war.
The group also owns 50% of the World Fishing Network, offering some potential synergies.
Kroenke Sports & Entertainment (KSE) is paying $10.25 a share to take Outdoor Channel Holdings private. In addition to the network, the acquisition brings an aerial cameras business that Outdoor Channel has tried to sell.
Outdoor Channel CEO Tom Hornish stated that becoming part of KSE will help it “invest in assets” and boost distribution.
KSE also owns a regional sports network that carries the Denver Nuggets and Colorado Avalanche teams, which it owns. Kroenke also controls the Arsenal soccer team in the U.K.
InterMedia Partners, a private-equity company partly controlled by Leo Hindery, had a deal to acquire Outdoor Channel last year at a valuation of $8 a share and raised its price multiple times once KSE got involved in the bidding.
Outdoor Channel is in nearly 40 million homes and InterMedia wanted to combine it with the Sportsman Channel and outdoor enthusiast magazines it owns.
The $10.25 a share price is a 56% premium over where Outdoor Channel closed a year ago.