BET’s founder is embarking on a new venture this week and buying two media companies for well over a $100 million.

Robert “Bob” Johnson, Chairman of The RLJ Companies, announced today plans to buy Image Entertainment, Inc. and Acorn Media.

A press release boasts that Image Entertainment and Acorn Media are two “highly complementary media businesses” that will be used to create one of the largest independent distributors of digital and video content globally.

The new combined company will be named RLJ Entertainment, Inc. with shares expected to trade on the NASDAQ stock market.

RLJ will purchase Image Entertainment for $22,600,000 cash and Acorn Media Group for $105 million.

Since announcing his plans, Johnson has released this statement:

“As Executive Chairman of RLJ Entertainment, I am looking forward to this unique business combination of Image Entertainment and Acorn Media Group. RLJ Entertainment will have a broad strategy for financial growth by providing content to all media platforms including broadcast and cable, DVD and Blu-Ray, digital downloads, and digital streaming.”

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