Rye-headquartered RNN National Media Group has announced its purchase of the assets of Minneapolis-based iMedia Brands for $50 million.
The acquisition includes iMedia Brands”™ ShopHQ Networks, 1-2-3.tv, iMDS, J.W. Hulme and Christopher & Banks businesses, plus the assumption of certain liabilities, contracts and ongoing expenses. iMedia Brands said it intends to effectuate the transaction with RNN through its ongoing Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware, pursuant to Section 363 of the U.S. Bankruptcy Code.
“RNN is excited to acquire iMedia Brands, its assets, and its talented staff,” said Richard E. French Jr. president and CEO of RNN. “As an incredibly important player in the retail space with strong customer relationships, iMedia is poised for unprecedented success as part of the RNN portfolio. We look forward to working with iMedia”™s partners to continue providing desirable products to customers well into the future.”
“We are excited to announce this major transaction, which will provide the company with the platform to grow and build value for all of our stakeholders,” said James Alt, chief transformation officer of iMedia. “RNN is the ideal partner to position iMedia for its next growth phase and we look forward to being a part of RNN”™s suite of broadcast assets and providing our valued customers the assortment of brands they”™re looking for through engaging and informative content. Our employees, vendors, partners, and hosts remain our priority as we work together to position the business for its next chapter.”
