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Saturday, Mar 2, 2024

Image Entertainment Merger Back On

The merger between Image Entertainment Inc. and Nyx Acquisitions Inc. will close this month following payment to Image of a $1.3 million business disruption fee. The Chatsworth-based producer and distributor of home entertainment programming had notified Nyx in January that it was in breach of the merger agreement after failing to pay the disruption fee on time. Receiving the $1.3 million was an assurance that Nyx is capable of closing the deal, expected to be approved by Image shareholders on Feb. 24, a company spokesman said. Nyx, an affiliate of Q-Black LLC, agreed in November to buy all outstanding shares in Image in a deal worth $100 million. The deal expands Image’s overall business in producing and distributing home entertainment programming with the content creation and digital technology expertise of Q Black LLC, San Francisco-based new media and global investment group. Image reported a net income of $304 million, or $0,01 per diluted share on revenues of $39.2 million for the quarter ending Dec. 31. For the same period in the previous year, the company reported a net loss of $2.1 million, or $0.09 per diluted share, on revenues of $27.3 million. Shares in Image closed up at $2.01. Mark R. Madler

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