NEW YORK, Feb. 01, 2017 (GLOBE NEWSWIRE) -- Scout Media, Inc. (“Company”) announced today that the Company held an auction under Bankruptcy Code section 363 for substantially all of its assets and that CBS 247 Inc. submitted the winning bid. The bid requires Bankruptcy Court (“Court”) approval. Scout anticipates the sale will close by the end of February.
“We are pleased with today’s results and look forward to receiving the requisite Court approval,” said Craig Amazeen, President of Scout. “I’d like to congratulate CBS 247 Inc. on the successful acquisition of a unified and motivated network of talented publishers, experts and employees.”
The Court hearing to approve the sale is currently scheduled for today, February 1, 2017 at 2:00 p.m. (Eastern). Company integration plans will be undertaken following Court approval.
Womble, Carlyle, Sandridge & Rice is acting as legal counsel and Sherwood Partners is providing financial advisory services.
For access to Court documents and other general information about the Chapter 11, please visit http://dm.epiq11.com/ScoutMedia.