Image Shareholders Approve RLJ Acquisitions Merger20 Sep, 2012 By: Erik Gruenwedel
Image Entertainment Sept. 20 said its shareholders have approved the previously announced merger with RLJ Acquisitions at a special meeting, according to a statement released by CEO Ted Green.
RLJ Acquisitions, which is owned and operated by Bob Johnson, founder of BET (Black Entertainment Television), acquired Image and Acorn Media for $127.6 million.
Approximately 93% of the outstanding shares of common stock of Image were voted in favor of the proposal to adopt the merger, originally announced April 2 by and RLJ and Image. Subject to the satisfaction (or waiver) of closing conditions contained in the merger agreement, Image expects the business combination with RLJ to close in early October.
Image reported a first-quarter (ended June 30) net loss of $495,000 — narrowed from a net loss of $1.8 million during the previous-year period.