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Larry Flynt Buys New Frontier Media

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from – Sometimes drama does occur in the financial markets. High Heffner participated in taking Playboy private, and now we have Larry Flynt making an acquisition of the public company called New Frontier Media, Inc. (NASDAQ: NOOF).

New Frontier describes itself as “a leading provider of transactional television services and distributor of general motion picture entertainment.” The reality is that New Frontier is a pay-per view movie distributor through hotels. Many investors know of New Frontier as the in-hotel adult programming channels.

As far as Larry Flint’s involvement, the deal is said to be by LFP Broadcasting, LLC as an affiliate of L.F.P., Inc. The press release confirms that this Larry Flynt’s company.

As far as the terms, New Frontier holders will receive $2.02 per common share in cash up front, or approximately $33 million. Shareholders can also have some added upside as part of a contingent cash payment right for each common share. It stated, “New Frontier Media shareholders may also be entitled to receive additional contingent cash payments, not to exceed $0.06 per common share, tied to the extent to which New Frontier Media’s available cash balance at the closing of the tender offer, less unpaid transaction expenses, exceeds $11,514,000.”

New Frontier had been under a review of strategic alternatives after reporting unsolicited expressions of interest. The offer price is roughly a 79% premium to its stock price on March 8, 2012 from when it received a publicly announced unsolicited acquisition proposal.

from – BEVERLY HILLS, Calif. — LFP Broadcasting today said that it plans to acquire New Frontier Media in a deal valued in excess of $33 million.

The acquisition, expected to close during the fourth quarter of the year, must be approved by New Frontier Media stockholders, who will be paid $2.02 per common share in cash up front, plus a contingent cash payment right of up to six cents for each common share.

The acquisition price represents approximately a 79 percent premium to New Frontier Media’s closing stock price on March 8, one day before the transactional TV service received an unsolicited acquisition proposal from Channel Islands-based Longkloof, an investment group that owns 15.9 percent of New Frontier Media, and a later bid by adult entertainment conglomerate Manwin.

LFP officials said that the New Frontier Media deal would benefit and help grow both companies.

“The acquisition of New Frontier Media fits perfectly with our strategic plan for the growth of our company,” LFP President Michael Klein said. “The addition of these assets to our portfolio strengthens us significantly moving forward.”

Alan Isaacman, chairman of New Frontier Media’s board of directors, said in a statement to company employees that the “definitive agreement” represents a “defining moment” for both companies.

“The proposed combination will create significant opportunities for us to address a broader market and deliver enhanced value for our customers and partners,” he said. “We will also enjoy increased financial stability, scale and opportunity to invest and continue to innovate.

“The employees of New Frontier Media and LFP Broadcasting have many reasons to feel very good about our future. Separately, we have strong capabilities and product offerings for our customers. Together, we will even be stronger. Being a leading distributor of content to the adult media industry means delivering on what matters to our customers and makes them successful. This is as important as ever. It is vital for us to focus on our customers and make this transition a non-event for them.”

New Frontier Media sells adult video-on-demand and pay-per-view content through satellite, cable and hotel networks. Offerings include Penthouse TV premium channel and The Erotic Networks, which include Xtsy, Juicy and VaVoom.

LFP Broadcasting LLC offers adult entertainment through Hustler TV, which is available through cable, satellite, and hotel TV providers as a video-on-demand or pay-per-view television network. Hustler TV, available in more than 55 countries, has exclusive broadcasting rights from a large number of top studios. Parent company LFP markets the Hustler brand through a wide range of media properties and licensing initiatives, including broadcasting, publishing, retail, Internet, mobile, apparel, novelties, clubs and video. The company also owns the Hustler Casino.


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