BET Founder Robert Johnson Set To Purchase Image Entertainment & Acorn Media

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Photo: BET BET founder and former top man Robert L. Johnson hasn't been entirely idle since selling ...

BET founder and former top man Robert L. Johnson hasn't been entirely idle since selling the cable station to Viacom in 2003 for $3 billion dollars. The business magnate has made a bold new move back into the world of media after agreeing to purchase the properties of Image Entertainment and Acorn Media Group, seeking to combine the two into a newly minted company titled RLJ Entertainment, Inc, reports Deadline Hollywood.

Currently under the review of the companies' stockholders, Johnson's proposed purchase involves a series of stock options and promised payouts of current Image Entertainment and Acorn Media holdings. If everything goes according to plan, Image and Acorn stockholders will own 11% and 5% of RLJ Entertainment respectively. The deal's completion is expected by the second quarter of 2012.

In a statement, Johnson announced the impending deal and promised rapid expansion. “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 home entertainment company that has produced and acquired urban, independent, comedy and horror films for global distribution. Acorn Media Group is a leading media distributor of British television programming with an aim towards American and Australian audiences.

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