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New Frontier Media, Inc., a leading provider of transactional television services and distributor of general motion picture entertainment, today announced that the employment of the Company’s Chief Executive Officer, Michael Weiner, has been terminated.
In addition, Mr. Weiner has been replaced as Chairman of the Board by Alan L. Isaacman, who is the founder and senior member of the Los Angeles-based law firm of Isaacman, Kaufman & Painter, P.C. and has been a director of New Frontier Media since 1999.
A committee of the Board of Directors will oversee the process for the identification and selection of the next Chief Executive Officer of New Frontier Media.
In the interim, the duties of Chief Executive Officer will be shared by Grant Williams, the Company’s Chief Financial Officer, Marc Callipari, the Company’s Chief Legal Officer, and Scott Piper, the Company’s Chief Technology Officer. The Board expressed its confidence that under the leadership of these individuals, the Company will have in place a capable leadership team during the search process to ensure a smooth transition.
As previously announced, a Special Committee of independent members of the New Frontier Media board is overseeing, with the assistance of its legal and financial advisors, a review of strategic alternatives to maximize shareholder value, which includes, but is not limited to, a potential sale of the Company.
The Special Committee is proceeding with its comprehensive strategic alternatives review process in a timely and orderly manner and will complete the process in due course. The Company cautions that there are no guarantees that the review process will result in a transaction or, if a transaction is approved by the Company’s Board, whether the terms or timing of such a transaction will be approved by shareholders.
In connection with the Special Committee’s review of strategic alternatives, Alston & Bird LLP and Avondale Partners, LLC are serving as legal and financial advisors, respectively, to the Special Committee. Holland & Hart LLP is serving as legal advisor to New Frontier Media.