IDW Media Holdings, parent company of Transformers ’84: Secrets & Lies, Transformers and My Little Pony / Transformers home IDW Publishing, announced the sale of tourism information distributor and subsidiary CTM Media Group to chairman Howard Jonas as part of continuing efforts to improve its financial position while focusing on publishing and entertainment.
The sale price is $3.75 million plus potential additional payments to IDW contingent on the attainment of a performance metric by CTM or certain subsequent sales of CTM. The base sale price will be paid by the retirement of $3.75 million of the $5.0 million in debt owed to Howard Jonas. In addition, Mr. Jonas has agreed to convert the remaining $1.25 million in debt into 314,070 shares of IDW Media Holdings Inc. Class B Common stock.
Read the full press release here, then sound off on the 2005 boards!