The deal’s finally done, with Kroenke Sports & Entertainment paying $10.25 a share — about $265M — for the cable channel. “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,” says KSE chief Jim Martin. Outdoor Channel CEO Tom Hornish adds that the new owner will “greatly strengthen our ability to invest in assets, expand our distribution and continue to generate the unparalleled experience our viewers expect.” KSE is owned by Stan Kroenke. It owns the NFL’s St. Louis Rams and is a power in Denver with venues including the Pepsi Center, the Paramount Theater and Dick’s Sporting Goods Park, and teams including hockey’s Colorado Avalanche, the NBA’s Denver Nuggets, and Major League Soccer’s Colorado Rapids. Outdoor Channel shareholders approved the deal in a special meeting yesterday with 19.3M votes in favor and just 758,969 against. The company initially agreed in November to sell itself to InterMedia Partners, which owns The Sportsman Channel, in a deal valued at about $8 a share. But that collapsed in March when Kroenke launched a bidding war.
By DAVID LIEBERMAN, Financial Editor | Friday May 17, 2013 @ 6:13pm EDTTags: Kroenke Sports & Entertainment, Outdoor Channel
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This article was printed from http://www.deadline.com/2013/05/kroenke-sports-completes-outdoor-channel-acquisition/
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