Global media company iMedia Brands, Inc. announced that it has successfully closed its Asset and Equity Purchase Agreement (“AEPA”) with IV Media, LLC (“IV Media”), a subsidiary of Innovation Ventures, LLC, the producer and distributor of 5-hour ENERGY shots. Through the AEPA, IV Media has acquired substantially all assets of iMedia Brands on a going-concern basis, including its ShopHQ Networks, 1-2-3.tv, iMDS, J.W. Hulme, and Christopher & Banks businesses for approximately $55 million of transaction value, plus the assumption of certain liabilities, contracts, and ongoing expenses.
“On behalf of iMedia, I am pleased to announce the purchase of iMedia’s operating assets by IV Media,” said James Alt, Chief Transformation Officer, iMedia. “Under new ownership, both companies will be well positioned to grow and achieve great success together well into the future. With IV Media’s partnership, iMedia will continue delivering customers the diverse range of brands they desire through captivating content. Today’s announcement is a great outcome for iMedia, and I thank our valued team and partners for their continued support during this process.”
“We are pleased with the outcome and the process and are looking forward to working closely with iMedia going forward,” said Vince Bodiford, Head of Communications, Innovation Ventures, LLC and 5-hour ENERGY®.
Following completion of the court-approved auction process on August 10, 2023, and in consultation with lenders and the Official Committee of Unsecured Creditors, the Company selected IV Media, LLC as the winning bidder. At the Sale Hearing on August 14, 2023, the U.S. Bankruptcy Court for the District of Delaware approved iMedia’s entry into the AEPA pursuant to Section 363 of the U.S. Bankruptcy Code.
Ropes & Gray LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal counsel, Lincoln International LLC is serving as investment banker, Huron Consulting Group is serving as financial advisor, and C Street Advisory Group is serving as strategy and communications advisor to the Company.
Greenberg Traurig, LLP and Oakland Law Group, PLLC are serving as legal counsel to IV Media.
About iMedia Brands, Inc
iMedia Brands, Inc is a global media company capitalizing on the convergence of entertainment, ecommerce, and advertising. The Company owns and operates four television networks, which are ShopHQ, ShopBulldogTV, ShopHQHealth and 123tv. ShopHQ, the company’s flagship television network with a thirty-year history, is nationally distributed in the U.S. to over 90 million homes via its affiliation agreements in cable, satellite, and broadcast, and reach viewers through its social platforms and its OTT App on Roku, Apple TV, Amazon Fire and Samsung Smart-televisions.