IMedia Brands Inc. (NASDAQ: IMBI), the owner of the ShopHQ shopping channel that filed for Chapter 11 bankruptcy protection last month, said Friday it's agreed to sell substantially all its assets to RNN National Media Group, an owner of independent TV stations in several big U.S. cities.

The company entered chapter 11 with $272 million in assets and $374 million owed to creditors. Photo: Brendan McDermid/REUTERS The owner of TV shopping network ShopHQ, iMedia Brands, has filed for bankruptcy citing reasons including inflation, declining cable subscribers and lower discretionary spending.

ShopHQ parent company iMedia Brands has found a new owner. On Monday, the Eden Prairie-based company said it has inked a deal to be acquired by New York-based RNN National Media Group for $50 million. Based in Rye, New York, RNN primarily works in the broadcast news business and owns several local TV stations along the coasts and in the south.

MINNEAPOLIS-- (BUSINESS WIRE)--Global media company iMedia Brands, Inc. (the “Company” or “iMedia”) (NASDAQ: IMBI, IMBIL) today announced that on June 29, 2023, it was notified by the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) that they had determined to delist the Company’s common stock and its 8.5% Senior Notes due 2026 as a result of the Company’s commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code.

IMedia — the parent company of shopping network ShopHQ, women's clothing retailer Christopher & Banks and leather goods brand J.W. Hulme Co. — filed for bankruptcy in late June after defaulting on a loan, leading the lender to sue the company. The company indicated it was in discussions with a potential buyer.