Billionaire outbids Obama donor for the Outdoor Channel

outdoor_channelFrom The Daily Caller, by Patrick Howley, 03/07/13 – The Outdoor Channel, a leading hunting and fishing-themed television network, announced Thursday that it plans to sell itself to billionaire sports mogul Stan  Kroenke’s company, destroying a merger deal with InterMedia Outdoor Holdings, which is owned by major Obama donor and Huffington Post blogger Leo Hindery Jr.’s private equity fund InterMedia Partners.

Kroenke Sport and Entertainment has purchased the Outdoor Channel for $227  million in an all-cash deal. The Outdoor Channel board considered Kroenke’s bid a “superior proposal” after Kroenke  swooped in this week to outbid Hindery.

The Daily Caller first  reported last week that Hindery is in the process of buying up and consolidating America’s leading pro-gun media outlets as part of a business plan  that has already led to the gutting and virtual destruction of media facilities  like the Petersen’s Hunting studio in Minnesota and Barrett Productions in  Montana. (RELATED:  Obama donor in process of buying up and destroying pro-gun media  outlets)

InterMedia Outdoor Holdings currently publishes 17 hunting, fishing, and  shooting magazines, including Guns & Ammo and Shooting Times, and owns the  gun-culture television network the Sportsman Channel.

Employees of InterMedia and the Outdoor Channel expressed serious concern  about the merger, which would allow Hindery to continue consolidating  gun-culture media outlets. Outdoor Channel employees were concerned about their  job security, prior to Kroenke’s outbidding of Hindery.

“In accordance with the terms of the InterMedia Agreement, Outdoor Channel  has notified IMOTSC of its intention to terminate the InterMedia Agreement,  subject to IMOTSC’s right to propose, within four business days of such notice,  changes to the terms of the InterMedia Agreement that would, in the good faith  judgment of the Outdoor Channel board (after consultation with outside legal  counsel and financial advisors), cause the KSE proposal to no longer constitute a  Superior Proposal,” according to an Outdoor Channel Holdings press release  issued Thursday morning.

“At this time the InterMedia Agreement remains in effect, and the Outdoor  Channel board has not changed its recommendation with respect to the InterMedia  transaction. If the KSE proposal continues to constitute a Superior Proposal  after the expiration of such four business-day period on March 12, 2013, Outdoor  Channel expects to terminate the InterMedia Agreement and to enter into the  merger agreement with KSE. In such event, Outdoor Channel would be required to  pay IMOTSC a break-up fee in the amount of $6,500,000,” according to the press  release.

Kroenke, who was named after St. Louis Cardinals legend Stan Musial, is the  majority owner of the St. Louis Rams and former owner of the Denver Nuggets and Colorado Avalanche sports teams,  which are now controlled by his son.

Read more:  http://dailycaller.com/2013/03/07/billionaire-outbids-obama-donor-for-the-outdoor-channel/#ixzz2MxW6n5tt

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