iMedia Signs Agreement to Acquire 123tv, the Leading Auction-Driven TV Retailer in Germany

123tv’s 2020 Net Sales were $184 Million

MINNEAPOLIS, Sept. 22, 2021 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (the “Company” or “IMBI”) (NASDAQ: IMBI) today announced that on September 22^nd it signed a purchase agreement to acquire 123tv for an enterprise value of approximately $95 million, with an earn-out potential for an additional $50 million based upon achievement of certain target revenues. The transaction is subject to customary closing conditions, including German governmental and Austrian merger control approvals, as well as a financing condition, and the Company expects to close the transaction in the fourth quarter of 2021.

123tv is a leading interactive media company disrupting Germany’s television retailing marketplace with its expertise in proprietary, Dutch auction style live and automated auctions that emotionally engages consumers with 123tv’s balanced merchandising mix of compelling products shipped directly to their homes. 123tv reaches consumers via its television network available in 40+ million German and Austrian television households 24 hours a day, 365 days a year and via its online, mobile and over-the-top (“OTT”) digital platforms. The company controls its entire value chain, from global sourcing to the interactive video point-of-sale experience, to the omnichannel sales and customer solutions.

“We believe gamification of consumers’ emotion-based shopping experience is the ultimate disruption to the status quo,” said Tim Peterman, CEO of IMBI. “123tv’s entrepreneurial team with their proprietary technologies are experts in this shopping disruption and iMedia is humbled by the trust of 123tv’s primary shareholder, Stefan Eishold of ARCUS Capital AG, that enables iMedia to help 123tv accelerate its growth plan, which we believe can include disrupting digital shopping marketplaces here in the United States.”

Commenting on this transaction, Stefan Eishold, CEO of ARCUS Capital AG, said: “We at ARCUS and our partners, BE Beteiligungen and IRIS Capital, would like to thank the 123tv team for the incredibly successful cooperation over the past five years, in which we have transformed the business into an omnichannel sales platform. It was very important to us that we hand over the company into good hands. With Tim and his team at iMedia we have found the best possible new owner.”