IMBI - iMedia Brands closes 123tv acquisition for $93M raises FY revenue guidance above consensus

iMedia Brands (NASDAQ:IMBI) closed its 123tv acquisition for an enterprise value of $93M, effective Nov.5; the acquisition was announced in last week of September. The total purchase price included a cash payment of ~$72M on closure and $21M note issued by the seller. IMBI’s transaction rationale focuses on 123tv continuing its disruption of TV retailing in Western Europe while exploring how 123tv’s platform and its automated auction expertise and technology can disrupt digital shopping marketplaces in U.S., particularly in the digital travel and ticketing shopping marketplaces. Outlook: The company reaffirmed its earlier provided Q3 guidance and also estimates to report ~$4M in one-time financing, transition and transaction costs related to its 123tv acquisition, its $80M bond offering, its Synacor advertising and portal business segment acquisition and its Christopher & Banks acquisition. For FY21, the company raised its earlier provided revenue guidance to ~$540M (+19% Y/Y) compared to $501.42M (+10.40% Y/Y) provided by analysts consensus estimates.

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iMedia Brands closes 123tv acquisition for $93M, raises FY revenue guidance above consensus