Nostalgia Network’s board, which has been split over whom to sell the money-losing cable channel to, at least agreed Tuesday to sell it.
The 10-member board has been split evenly between loyalists to company chairman Michael E. Marcovsky and large investor Concept Communications, which has ties to Rev. Sun Myung Moon.
The company, which has at least three offers on the table, has been hamstrung by the board rift.
But in a release, Nostalgia said a board committee would “immediately explore the possible sale of the company or a significant investment in the company with a view toward maximizing the economic value for all of the company’s shareholders.”
A month ago, Concept offered to buy 1 million Nostalgia shares at $ 2 a piece , as long as Marcovsky resigned. Since then, the company has received a $ 2 -a-share, $ 40 million bid from Intl. Family Entertainment Inc. And last week, the company said it received another offer, at $ 2.20 a share for 54% of the company from an undisclosed bidder. Sources said the suitor is Sarkice Nedder, an Arizona cellular telephone executive.