March 26, 2018
Digital media distribution company NeuLion and sports and entertainment talent firm Endeavor March 26 announced a merger agreement by which Endeavor will acquire NeuLion in an all-cash deal valued at about $250 million.
Under the terms of the agreement, Endeavor will acquire each share of outstanding common stock of NeuLion for 84 cents a share. Upon completion of the transaction, Plainview, N.Y.-based NeuLion will become a privately held subsidiary of Beverley Hills, Calif.-based Endeavor.
The talent firm will use NeuLion to help clients expand streaming video distribution and monetizing opportunities.
“NeuLion provides an ideal combination of technology and client services, and we’re excited for the value this brings to our existing partners and the foundation it provides for our future digital growth,” Ariel Emanuel, CEO of Endeavor, said in a statement.
The transaction, approved by NeuLion’s board of directors and by the written consent of holders of a majority of outstanding common stock, is subject to regulatory approvals and other closing conditions. It is expected to close in the second quarter of 2018.
“We’re excited by the value delivered to our stockholders through this transaction, and we’re looking forward to the dynamic opportunities that being part of the Endeavor family will provide for both our current and new clients,” said Roy Reichbach CEO of NeuLion.
NeuLion expects to release fourth-quarter 2017 earnings on March 30.