I followed up with Source Interlink Media President Chris Argentieri to ask him a few questions about the Grind Networks acquisition.
First, I was curious how Source Interlink financed the deal, since Source Interlink filed for bankruptcy in 2009.
Argentieri told me the prepackaged bankruptcy that had the approval of Source Interlink lenders allowed the company to emerge with a much stronger balance sheet and a changed capital structure.
The company’s business is strong and improving, he said, and the acquisition was funded by free cash flow.
“Our cash position hasn’t been better in recent history,” he said.
Argentieri declined to say how much Source Interlink paid for Grind Networks.
(Right: A screen grab of GrindTV this morning. Links to ASG titles are already at the top of the page.)
On page 2: how the merger will work