DENVER—Denver Nuggets owner Stan Kroenke is adding the Outdoor Network to his sports empire.
Temecula, Calif.-based Outdoor Channel Holdings Inc. accepted an offer Wednesday from Kroenke Sports & Entertainment LLC to acquire all its outstanding stock for $8.75 per share.
Kroenke submitted a takeover bid for the hunting, fishing and shooting channel after the Outdoor Network had already agreed to a merger agreement with New York-based InterMedia Outdoors Holdings LLC. It controls the Sportsman Channel and publishes more than a dozen outdoor magazines.
Outdoor Channel said it terminated its agreement with InterMedia right before accepting Kroenke’s offer.
Denver-based Kroenke also owns the Colorado Avalanche, the Colorado Rapids, the Pepsi Center and a majority of the Arsenal, the English soccer club.
The deal is expected to close in the second quarter.
