New Frontier Media, Inc., a leading provider of transactional television services and distributor of general motion picture entertainment, announced that the Special Committee of the Board of Directors of New Frontier Media has retained Avondale Partners, LLC, a nationally recognized full service investment banking firm, as its financial advisor to examine and consider a broad range of strategic alternatives.
The strategic review will evaluate the Company’s current long-term business plan against a broad range of alternatives that have the potential to maximize shareholder value.
The process to review strategic alternatives will be overseen by the Special Committee of independent directors that, as previously announced, is also evaluating the recent unsolicited non-binding acquisition proposals that were recently received by New Frontier Media.
The Special Committee is also being assisted by its legal advisor, Alston & Bird LLP. New Frontier Media is being advised by Holland & Hart LLP.
Alan L. Isaacman, Chairman of the Special Committee, stated that, “Our Board of Directors remains very enthusiastic about New Frontier Media’s future prospects and has made no decision to sell the Company.
“However, in keeping with our commitment to act in the best interests of all shareholders, we have decided to undergo a thorough review of strategic alternatives to determine the best opportunities for maximizing shareholder value at this time.
“Accordingly, while our financial advisor will assist us with reviewing and responding to the unsolicited acquisition proposals that we have received, as well as any other acquisition proposals that we may receive, the scope of our financial advisor’s assignment will be comprehensive and not limited to any specific vision for New Frontier Media’s future.”
The Special Committee, working with its financial and legal advisors, intends to proceed in a timely and orderly manner to consider a broad range of possible strategic alternatives for New Frontier Media and their implications, but has not set a definite schedule for the completion of its evaluation.
New Frontier Media cautions that there are no guarantees that the strategic alternative review process will result in a transaction or, if a transaction is approved by the New Frontier Media Board of Directors, whether the terms or timing of such a transaction will be approved by shareholders.
New Frontier Media currently does not intend to make any further public announcements regarding its Special Committee’s review of possible strategic alternatives until such time as the New Frontier Media Board of Directors approves a transaction or otherwise determines that further disclosure is appropriate.