Monday, October 15, 2012

Score Media Inc. Shareholders Approve Proposed Sale to Rogers

Shareholders of Score Media Inc. voted today to approve a takeover of the company by Rogers Media Inc. under a plan that will also see its digital assets spun out to its existing shareholders.

Score Media CEO John Levy said the sale is in the "best interests of all parties." The application moves on to an Ontario court later this week, and it could be given approval by the end of the week. 

The deal between Rogers and Score Media is valued at $167-million. 

Under the plan, shareholders of Score Media will receive $1.62 in cash and one class A subordinate voting share of theScore Inc., which will hold the digital media assets of Score Media. 

Former holders of Score Media shares will hold approximately 88.2 per cent of the outstanding shares of Score Digital, while Rogers will own the remaining stake. 

Score Media's main asset is theScore Television Network specialty channel.

The company's digital assets include website as well as several mobile applications.

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