NEULION, INC. (OTCMKTS:NEUL) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry into a Material Definitive Agreement.
On December 18, 2017, NeuLion, Inc. (the “Company”) entered into an agreement (the “Purchase Agreement”) with an affiliate of Fortress Investment Group (the “Buyer”) to which the Company agreed to sell certain DivX assets, intellectual property and subsidiaries (collectively, the “Assets”) to the Buyer. to the Purchase Agreement, the Company will sell the Assets to the Buyer for cash consideration of $41,500,000, subject to adjustment as specified in the Purchase Agreement. The Assets accounted for approximately $15.0 million and $20.7 million of the Company’s consolidated GAAP revenues for the nine months ended September 30, 2017 and the year ended December 31, 2016, respectively. The transactions contemplated by the Purchase Agreement are expected to close during the first quarter of 2018.
Each of the parties makes customary representations and warranties in the Purchase Agreement and the closing of the transactions contemplated by the Purchase Agreement is subject to customary closing conditions. The Purchase Agreement may be terminated by either party if the sale of the Assets has not closed by March 18, 2018.
Item 9.01 Financial Statements and Exhibits.
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Exhibit No. |
Description |
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99.1 |
NEULION, INC. ExhibitEX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 NeuLion Enters Into Purchase Agreement With An Affiliate of Fortress Investment Group To Sell Certain DivX Assets,…To view the full exhibit click here