iMedia Brands Announced Asset And Equity Purchase Agreement With An Affiliate Of RNN National Media Group To Sell Substantially All Of The Company's Assets For ~$50M Of Transaction Value
Portfolio Pulse from Charles Gross
iMedia Brands, Inc. (NASDAQ:IMBI) has entered into an asset and equity purchase agreement with an affiliate of RNN National Media Group to sell substantially all of its assets, including its ShopHQ Networks, 1-2-3.tv, iMDS, J.W. Hulme, and Christopher & Banks businesses for approximately $50 million.
July 07, 2023 | 8:16 pm
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iMedia Brands is selling most of its assets to RNN National Media Group for approximately $50 million.
The sale of assets could be seen as a positive or negative for iMedia Brands. On one hand, it could be seen as a sign of financial distress, which could negatively impact the stock price. On the other hand, it could be seen as a strategic move to streamline operations and focus on core business, which could positively impact the stock price. Therefore, the short term impact is neutral.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100