C.O.M.B., CVN Video Work Out Terms for Merger
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MINNEAPOLIS — C.O.M.B. Co. and the Cable Value Network video shopping concern said Tuesday that they had reached a definitive agreement on their merger aimed at boosting CVN’s competitive edge in an increasingly crowded marketplace.
Under the agreement, C.O.M.B., a consumer marketing company which already owns 50% of CVN, is buying the remaining stake from its cable television partners.
The Minneapolis-based company said the cable operators had exchanged their interests in CVN for warrants to purchase C.O.M.B. stock worth $289 million. The merged company will be called CVN Cos.
The merger is designed to give CVN a competitive advantage by fully integrating C.O.M.B.’s mail-order and merchandising business with CVN’s video-shopping operation.
CVN began in August, 1986, and has about 15 million subscribers.
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