Los Angeles Business Journal

Image Entertainment Shareholders Approve Merger

By Deborah Crowe Thursday, September 20, 2012

Shareholders of Image Entertainment Inc. have approved a merger with RLJ Acquisition Inc., the company said Thursday.

Black Entertainment Television founder Robert Johnson in April announced plans to acquire the Chatsworth film distribution company via his RLJ Acquisition “blank check” company in Bethesda, Md. Johnson intends to combine Image with Acorn Media Group of Silver Spring, Md., to create RLJ Entertainment Inc. in a deal valued at $127 million. The new company would have home entertainment media rights to more than 3,700 DVD titles.

About 93 percent of outstanding shares were voted in favor of the business combination, which is expected to be completed early next month, said Image.

The company reported a net loss of $495,000 for the fiscal first quarter ended June 30, 72 percent lower than the same quarter the year before.