iMedia Bankruptcy Sale to 5-Hour Energy Founder’s Firm Approved

iMedia Brands Inc. secured bankruptcy court approval to sell substantially all its assets to IV Media LLC, a Michigan firm affiliated with the maker of 5-Hour Energy, in a deal that includes $40 million in cash.

The owner of television shopping channels including ShopHQ had previously agreed to sell the assets to an affiliate of RNN National Media Group, but IV Media offered a higher bid at an Aug. 10 auction, according to court papers. RNN’s proposal included about $27 million in cash.

Judge Karen Owens of the US Bankruptcy Court for the District of Delaware indicated during a hearing ...