TEMECULA, Calif., March 7, 2013 (GLOBE NEWSWIRE) -- Outdoor Channel Holdings, Inc. (Nasdaq:OUTD) (the "Company" or "Outdoor Channel") today announced that its board of directors, after consultation with the Company's outside legal counsel and financial advisor, unanimously determined that the proposal submitted by Kroenke Sports & Entertainment, LLC ("KSE") to acquire all outstanding shares of Outdoor Channel common stock in an all-cash transaction at a price of $8.75 per share constitutes a "Superior Proposal" as such term is defined in Outdoor Channel's merger agreement with InterMedia Outdoors Holdings, LLC ("IMOTSC") and certain of its affiliates dated as of November 15, 2012 (the "InterMedia Agreement"). The definitive terms and conditions of a merger agreement detailing the KSE proposal have been fully negotiated, and the agreement is subject only to execution by Outdoor Channel. The KSE proposal is not subject to any financing contingency, does not limit Outdoor Channel's recovery to a reverse breakup fee in the event KSE fails to finance the transaction and includes a break-up fee equal to $1 million (as compared to $6.5 million under the InterMedia Agreement) that becomes payable by Outdoor Channel in the event that the merger agreement is terminated under certain circumstances. In addition, Mr. E. Stanley Kroenke has agreed to personally guarantee the obligations of KSE if the KSE merger agreement is executed. In accordance with the terms of the InterMedia Agreement, Outdoor Channel has notified IMOTSC of its intention to terminate the InterMedia Agreement, subject to IMOTSC's right to propose, within four business days of such notice, changes to the terms of the InterMedia Agreement that would, in the good faith judgment of the Outdoor Channel board (after consultation with outside legal counsel and financial advisors), cause the KSE proposal to no longer constitute a Superior Proposal. At this time the InterMedia Agreement remains in effect, and the Outdoor Channel board has not changed its recommendation with respect to the InterMedia transaction. If the KSE proposal continues to constitute a Superior Proposal after the expiration of such four business-day period on March 12, 2013, Outdoor Channel expects to terminate the InterMedia Agreement and to enter into the merger agreement with KSE. In such event, Outdoor Channel would be required to pay IMOTSC a break-up fee in the amount of $6,500,000.