Billionaire and BET founder, Robert “Bob” Johnson announced today that his company has entered into an agreement to acquire Image Entertainment and Acorn Media Group. They will be creating the largest independent distributors of digital and video content in the world in the joint venture. The new company name will be RLJ Entertainment.
RLJ Entertainment will trade on the NASDAQ Stock Market. Johnson will serve as Executive Chairman of RLJ Entertainment, where he will use his experience in media for consumer branding and strategic relationships to try and develop a successful company.
“As Executive Chairman of RLJ Entertainment, I am looking forward to this unique business combination of Image Entertainment and Acorn Media Group,” said Johnson. “RLJ Entertainment will have a broad strategy for financial growth by providing content to all media platforms including broadcast and cable, DVD and Blu-Ray, digital downloads, and digital streaming.”
Image Entertainment is a leader in the urban, independent film, and comedy and horror genres, while Acorn Media Group is a brand-oriented company that provides engaging British drama.