iMedia Brands enters into asset and equity agreement with RNN National Media

Global media company iMedia Brands “announced that it has entered into an asset and equity purchase agreement with an affiliate of RNN National Media Group, a privately owned portfolio of independent broadcast assets and production and distribution capabilities, to sell substantially all of the Company’s assets, including its ShopHQ Networks, 1-2-3.tv, iMDS, J.W. Hulme, and Christopher & Banks businesses for approximately $50 million of transaction value, plus the assumption of certain liabilities, contracts and ongoing expenses. The Company intends to effectuate the transaction with RNN through its ongoing Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware pursuant to Section 363 of the U.S. Bankruptcy Code.”