Ballantyne Strong (BTN) Announces Sale of Convergent Media Systems for $23 Million

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Ballantyne Strong Announces Sale of Convergent Media Systems for $23 Million

February 2, 2021 8:45 AM EST

Realized Gain of Approximately $15 Million or $1.00 per share Strengthens Balance Sheet to Support Growth & Investment Initiatives

Charlotte, NC, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Ballantyne Strong, Inc. (NYSE American: BTN) (Ballantyne Strong or the Company) today announced that it has completed the sale of its wholly-owned subsidiary Convergent Media Systems, LLC (Convergent) for a total enterprise value of approximately $23.2 million.

Mark Roberson, Chief Executive Officer of Ballantyne Strong, commented, Convergent represents a successful turnround, transitioning a business that was generating significant losses to a... More