New Frontier Media Board Retained by Shareholders

BOULDER, Colo. — New Frontier Media Inc., which signed a definitive agreement to be acquired by LFP Broadcasting last week, said today that shareholders reelected its board of directors — an election that likely will be the last time for the adult transactional TV service.

The public company, which trades on the Nasdaq, will go private when LFP Broadcasting closes on the proposed $33 million deal. The company, when the deal closes, is slated to be a division of LFP.

Reelected directors on the board include Walter Timoshenko, Hiram Woo and Melissa Hubbard, as well as Alan Isaacman, who is chairman of New Frontier Media's board.

The shareholder vote last week also ratified the appointment of Grant Thornton LLP as the company’s public accounting firm for the fiscal year ending March 31.

The re-elected board of directors issued the following statement: "Over the last eight months, we have worked diligently to maintain a fair and level playing field for all parties who participated in our review process, and we are pleased that our efforts resulted in a very positive outcome for all our shareholders. 

"The [LFP Broadcasting] all-cash transaction provides shareholders immediate and certain liquidity at a substantial premium," the board said. "We also believe that this transaction with LFP Broadcasting creates a great opportunity for our organization, cable television partners and customers as two of the premier adult media broadcasting companies join forces.  We look forward to completing the transaction as expeditiously as possible.”

Last week, New Frontier Media announced that the company had signed a definitive agreement to be acquired by LFP Broadcasting for $2.02 per common share in cash up front, or approximately $33 million, plus a contingent cash payment right for each common share.

The acquisition is expected to close during the fourth quarter of 2012.

Related:  

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Penthouse Names Krystal Harper Its November 'Pet of the Month'

Penthouse Magazine has named model Krystal Harper as Pet of the Month for November.

Sinatra Monroe Toplines New Digital Playground Comedy 'Single Minded'

Sinatra Monroe headlines the new comedy feature from Digital Playground, titled "Single Minded."

Adult Time Launches New Series 'Preggo World'

Adult Time has released the first episode of its new series “Preggo World,” titled “18 & Pregnant.”

Alexis James Makes Her Tushy Raw Debut

Alexis James has made her debut for Vixen Media Group (VMG) studio imprint Tushy Raw, alongside Victor Ray.

Lucy Hart Stars in Mainstream Slasher Flick 'Director's Cut'

Longtime performer Lucy Hart has stepped outside the world of adult to star in "Director's Cut," a new mainstream slasher movie that premiered this weekend in theaters across the U.S.

Rae Lil Black, Rikako Katayama Star in Latest From Vored

Rae Lil Black and Rikako Katayama star in the latest release from Hentaied.pro studio brand Vored, titled "Sinful Taste."

Sage Hunter Makes Her Hookup Hotshot Debut

Sage Hunter has made her Hookup Hotshot (HUHS) debut alongside studio honcho Bryan Gozzling.

Gal Ritchie: From British Dominatrix to Rising L.A. Starlet

Gal Ritchie left her home in the U.K. and arrived in Los Angeles on Aug. 12, 2023. She remembers the exact date because it was such a key moment in her life.

May Hashira Is Twistys' November 'Treat of the Month'

May Hashira is Twistys’ Treat of the Month for November and will be highlighted online throughout the month.

Lilly Bell, Eve Sweet Star in Latest From Slayed

Lilly Bell and Eve Sweet star in the latest release from Vixen Media Group (VMG) studio imprint Slayed.

Show More