BOULDER, Colo. -- An affiliate of a company founded by Hustler magazine publisher Larry Flynt is acquiring New Frontier Media Inc. for about $33 million cash.
Boulder, Colo.-based New Frontier says LFP Broadcasting LLC has agreed to pay $2.02 per share, plus up to 6 cents more per share if New Frontier maintains a cash balance above about $11.5 million.
The deal is expected to close this year.
The provider of adult entertainment for pay television companies had received unsolicited buyout offers over the past several months, including one from shareholder Longkloof Ltd. New Frontier recently fired CEO Michael Weiner (WEE'-nur), and its board pressured a member to resign over suspicions he and Weiner were allied with Longkloof, which the board member denied.
New Frontier shares were trading at $1.75 after hours Monday.