Business
Robert L. Johnson, Chairman of RLJ Entertainment announces stock purchase plan of up to $2 million
RLJ Companies Chairman and CEO Robert L. Johnson. PHOTO/File
(Business Wire) – Silver Spring, Maryland – RLJ Entertainment Inc., announced Tuesday June 19 2013, that Robert L. Johnson, the company’s Chairman, has adopted a Rule 10b5-1 plan under which he can purchase up to US$2 million worth of RLJ Entertainment’s common stock.
RLJ Entertainment, founded by Robert L. Johnson, founder of Black Entertainment Television (BET) and The RLJ Companies, is a leading creator, owner and distributor of media content across digital, broadcast and physical platforms.
The company leverages its branding expertise, access to content and direct to consumer skills to optimize the value of its programs for distinct audiences. RLJ Entertainment was formed in October, 2012 through the business combination of RLJ Acquisition, Inc., Image Entertainment, Inc. and Acorn Media Group, Inc.
Mr. Johnson commented, “My decision to acquire additional RLJ Entertainment stock reflects my belief that the current value of the company’s shares do not represent the long term growth prospects of the business. I have strong confidence in RLJ Entertainment’s management, Miguel Penella, CEO, and Drew Wilson, CFO, and their ability to maximize long term shareholder value.”
Under the plan, Mr. Johnson may purchase up to US$2 million of the company’s outstanding shares from time to time over the next 24 months. The share purchases will be made in the open market or in privately negotiated transactions in compliance with applicable laws and regulations, and purchases on the open market will be conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended.
As of June 19, 2013 Mr. Johnson beneficially owns 6,974,178 shares of the company’s common stock which constitutes approximately 40.56 percent of the shares of the company’s common stock outstanding.
The stock purchase program does not obligate Mr. Johnson to purchase shares of the company’s common stock and the program may be modified or terminated at any time without prior notice.
