Kroenke Sports to buy Outdoor Channel

March 13 Wed Mar 13, 2013 9:35am EDT

March 13 (Reuters) - Cable network Outdoor Channel Holdings Inc said it will be bought by Kroenke Sports & Entertainment LLC for about $8.75 per share in cash, valuing the company at about $227 million.

Kroenke, the owner of the Denver Nuggets basketball team and Colorado Avalanche hockey team, outbid an $8 per share offer from InterMedia Outdoors Holdings LLC cable network.

Outdoor Channel shares were down nearly 2 percent at $8.68 on the Nasdaq in early trading. (Reporting by Supantha Mukherjee in Bangalore; Editing by Joyjeet Das)