Harris Broadcast Gets Acquired
By: Leon Castles
on Wednesday, December 12, 2012
Denver based Harris Broadcast Communications has made an announcement that they have been acquired by Los Angeles based The Gores Group that will allow them to merge with the company and grow in the future. The company said that they have been acquired for $225 million and that the agreement has been completed. The company said that the LA based company would offer $160 in cash and $15 million in subordinate promissory note and payment of $50 million based on future performance. Harris Broadcast said that the deal is expected to close in the early months of 2013.
William Brown President and CEO of Harris Broadcast said that they have always focused on how they can optimize the options that they have and this acquisition is just another step that they are taking to move towards their goal. The CEO said that they are still focused on their core goal and they believe that with The Gores Group they will have the options to get to that goal. He said that The Gores Group has the ability to improve their operations and expertise and they can reach to new goals in the future which are good for the shareholders and for the future of the company. The Gores Group is a global supplier of hardware and software for video content.