New Frontier has agreed to add a representative to its board from investment firm Longkloof — which owns 15.9% of the programmer’s shares — if it doesn’t sell itself by year end, the company says this afternoon. In return, Longkloof has dropped its proxy fight to elect four of its allies to the board. The investor firm also dropped its lawsuit charging that New Frontier violated its fiduciary obligation to shareholders by trying to block the proxy fight and by refusing to consider Longkloof’s purchase offer. New Frontier’s board has already designated a Special Committee to review a possible sale. The committee hired Alston & Bird and Avondale Partners to advise on legal and financial issues. “With these matters now fully resolved, the Special Committee can concentrate entirely on its ongoing strategic review process, which encompasses evaluating, among other options, acquisition proposals received from the Longkloof parties and other parties,” the Committee said. Luxembourg-based Manwin — which bought Playboy TV late last year — has also offered to buy New Frontier. New Frontier’s shares are up 48.5% so far in 2012 as it appeared more likely that it will be sold. New Frontier produces VOD features, it also offers the Penthouse TV premium channel and pay-per-view services packaged as The Erotic Networks (or TEN) that include Xtsy, Juicy, and VaVoom.
Pay TV Porn Provider New Frontier Media Settles Proxy Fight
What's Hot on Deadline
Bernie Sanders: Obama Administration "Should Kill" The AT&T-Time Warner Deal: "Higher Prices & Fewer Choices"
Peter Jackson & Fran Walsh Rev 'Mortal Engines'; Directing Debut For 'Hobbit' VFX Protege Christian Rivers
Latest TV News
- Media-Loathing Donald Trump Launches Alt Nightly Campaign Coverage
- Michael Gleason Dies; ‘Remington Steele’ Co-Creator Was 78
- Charter Fails To Get Byron Allen’s $10B Racial Discrimination Suit Dismissed
- ‘Ice’: Antoine Fuqua Pulls Back, Remains Executive Producer On DirecTV Series
- Lady Gaga Talks Super Bowl, Shouts At Drivers In ‘Carpool Karaoke’ Sneak Peek
- Obama Tells Jimmy Kimmel That Donald Trump’s Debate Performances Make Him Laugh