iMedia Brands, Inc. filed a notice for the selection of Successful Bidder in the US Bankruptcy Court for the sale of substantially all its assets on August 11, 2023. As a result of the auction conducted on August 10, 2023, IV Media, LLC has been selected as the winning bidder for the sale of debtor?s substantially all its assets. RNN-TV Licensing Co., LLC has been selected as back-up bidder.

iMedia Brands, Inc. filed an asset purchase agreement in the US Bankruptcy Court for the sale of substantially all its assets. As per the agreement dated August 11, 2023, seeks the Court?s approval for the sale of its substantially all its assets to IV Media, LLC, for a consideration consisting of $39.95 million, if the amount of cash and cash equivalents held by sellers at closing is less than the minimum cash amount, cash in an amount equal to the difference between the minimum cash amount and the closing cash plus the assumption of the assumed liabilities. The buyer is represented by Alan Gocha of Oakland Law Group, PLLC and Oscar Pinkas, Nathan A. Haynes of Greenberg Traurig, LLP as its legal advisors and the debtor is represented by Ryan Preston Dahl, Cristine Pirro Schwarzman and C. Michael Roh of Ropes & Gray LLP as its legal advisors.