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TMCNet:  Larry Flynt firm completes purchase of Boulder's New Frontier Media

[November 28, 2012]

Larry Flynt firm completes purchase of Boulder's New Frontier Media

Nov 28, 2012 (Daily Camera - McClatchy-Tribune Information Services via COMTEX) -- A company affiliated with adult entertainment mogul Larry Flynt has completed its tender offer to acquire Boulder's New Frontier Media Inc., the companies announced today.

LFP Broadcasting LLC and Flint Broadcast Inc. will pay $2.02 per share for all of the outstanding shares of New Frontier's common stock plus a contingent cash payment right of 4 cents per share for the Boulder-based media company that primarily distributes adult entertainment content to cable and satellite providers.

When the offer expired at midnight Wednesday, 14,363,687 shares -- about 83.1 percent of New Frontier's common stock -- were validly tendered, officials for the locally based media company said.

Flynt Broadcast plans to exercise its "top-up" option of the acquisition agreement that allows for the Los Angeles-based firm to purchase additional shares from New Frontier to reach a 90 percent ownership threshold required under Colorado law for a "short-form" merger, officials said.

As a result of the merger, shares of New Frontier (Nasdaq: NOOF) no longer will be traded on the Nasdaq and the firm will operate as a wholly owned subsidiary of LFP Broadcasting.

New Frontier, which employs about 190 people, has facilities in Boulder and Santa Monica, Calif.

___ (c)2012 the Daily Camera (Boulder, Colo.) Visit the Daily Camera (Boulder, Colo.) at www.dailycamera.com Distributed by MCT Information Services

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