NEW YORK, Jan. 13, 2017 (GLOBE NEWSWIRE) -- Scout Media Inc. (“Company”) announced today that it has entered into an asset purchase agreement (“agreement”) with CBS 247 Inc., an affiliate of CBS Corporation, as the “stalking horse” bidder to acquire substantially all of the Company’s assets for $9.5 million. As previously announced, Scout is facilitating the sale through the Chapter 11 process under Bankruptcy Code section 363.
“While we have been in discussions with many interested parties who see the vision and the value in this company, we are pleased that CBS is acting as the company’s stalking horse bidder,” said Craig Amazeen, President of Scout. “We continue to move through this process and will have new ownership in place by early February that supports the business, our publishers, customers, employees and other important stakeholders.”
As part of the sale process under Bankruptcy Code section 363, the stalking horse bid is subject to higher or better offers. Other interested parties will have an opportunity to submit bids. The deadline for the submission of competing bids is January 25, 2017, 5:00 pm (ET), with the auction currently scheduled for January 27, 2017, 10:00 am (ET). The final highest or best bid will then require Court approval. The Company anticipates the sale closing by early February.
Womble, Carlyle, Sandridge & Rice LLP is acting as legal counsel and Sherwood Partners is providing financial advisory services.
For access to Court documents and other information about the Chapter 11 case, please visit http://dm.epiq11.com/ScoutMedia.