Outdoor Agrees to KSE Acquisition

Deal expected to close in second quarter

By Mike Farrell, Multichannel News -- Broadcasting & Cable, 3/13/2013 10:26:00 AM

Outdoor Channel said Wednesday that it has entered into definitive merger agreement with Kroenke Sports & Entertainment for $8.75 per share in cash, a deal that values the network at about $278 million.

"Our board of directors has unanimously determined that the proposed all-cash merger with KSE offers superior value for our stockholders," said Outdoor Channel CEO Tom Hornish in a statement. "We are pleased that Kroenke Sports & Entertainment has agreed to purchase Outdoor Channel."

The KSE offer trumped an earlier $208 million agreement the company had reached with InterMedia Partners, parent of the rival Sportsman Channel back in November. KSE made its unsolicited bid for the channel on Feb. 27, and on March 8 Outdoor said the all-cash deal was superior to InterMedia's offer of $8 per share in cash and stock in the newly formed company.

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