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UPDATE 1-Image Entertainment to sell itself for $100 mln

Thu Nov 20, 2008 6:00pm EST

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Nov 20 (Reuters) - Image Entertainment Inc (DISK.O) agreed with Nyx Acquisitions Inc to be acquired for about $100 million, including the assumption of its outstanding debt.

Under the terms, Image stockholders will receive $2.75 a share in cash, a 299 percent premium to Image's closing share price of $0.69 on Thursday.

Stockholders owning about 38 percent of Image's stock have agreed to vote their shares in favor of the transaction, the company said.

Nyx Acquisitions is a wholly-owned unit of Q Black Media, a privately held, San Francisco-based new media investment group.

Chatsworth, California-based Image is a licensee, producer and distributor of home entertainment programming in North America. (Reporting by S. John Tilak in Bangalore; Editing by Jarshad Kakkrakandy)

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