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News Corp Sues CB Neptune Late Friday in SDNY Year After $235M Marketing Sale

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, May 21 – It was late on a Friday night when News Corporation sued CB Neptune Holdings, LLC. 

 In the docket of the U.S. District Court for the Southern District of New York, found by Inner City Press, there is was: a complaint filed by Gibson Dunn, seeking a declaratory judgment. 

 Quick research found in a News Corp SEC filing: "Item 2.01    Completion of Acquisition or Disposition of Assets. On May 5, 2020, News Corporation (the “Company”) completed the previously announced sale of its News America Marketing business (“NAM”) to CB Neptune Holdings, LLC and CB Neptune Canada Sub Inc., affiliates of Charlesbank Capital Partners (the “Transaction”). The aggregate purchase price for the Transaction consists of (a) up to approximately $235 million, comprised of (i) $50 million in cash at closing, subject to working capital and other adjustments, less cash reinvested to acquire a 5% equity interest in the business at closing, and (ii) additional deferred cash payments payable on or before the fifth anniversary of closing in an aggregate amount of between $125 million and approximately $185 million, depending on the timing of such payments, and (b) a warrant to purchase up to an additional 10% equity interest in the business, which is exercisable on or prior to the seventh anniversary of closing. In the Transaction, the Company retained certain liabilities relating to NAM, including those arising from its ongoing legal proceedings with Valassis Communications, Inc. and Insignia Systems, Inc."   No honor among thieves.

The case is News Corporation sued CB Neptune Holdings, LLC, et al., 21-cv-4610 (Unassigned)


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