Endeavor agreed to buy NeuLion Inc. in an all-cash deal valued at about $250 million.
Under the agreement, Endeavor will buy each share of outstanding common stock of NeuLion for 84 cents. Upon completion of the transaction, NeuLion will become a privately held subsidiary of Endeavor, according to a March 26 news release.
The transaction, unanimously approved by NeuLion's board and by the written consent of holders of a majority of NeuLion's outstanding common stock, is subject to regulatory approvals and other closing conditions, and is expected to close in the second quarter.
Paul Weiss Rifkind Wharton & Garrison LLP serves as Endeavor's legal counsel, while The Raine Group acted as exclusive financial adviser to Endeavor. NeuLion's legal adviser is Loeb & Loeb LLP, and its financial adviser is Needham & Co.
NeuLion is a technology product and service provider specializing in the digital video broadcasting, distribution and monetization of live and on-demand content to Internet-enabled devices.
Endeavor, formerly called WME | IMG, specializes in talent representation and management, brand marketing, sponsorship and licensing, media sales and distribution, event operation and management, and sports training and league development.