Immersion acquires 42% of BNED for $50.1M; gains control with 5 board seats

IMMERSION CORP

Purchased 42% of BNED common stock for $50.1M cash; control via 5 Immersion-appointed board seats.
Pro forma H1 2024 combined revenue $784M; net income attributable to IMMR $36.8M ($1.16 basic EPS).
Purchase price allocation: $95M intangible assets ($45M trade name, $50M customer relationships) and $14.2M goodwill.
BNED historical net loss: $31.3M (H1 2024) and $89.1M (FY2023); pro forma adjustments reduce combined losses.
Noncontrolling interest valued at $203.7M based on $13.40/share, representing 58% ownership of BNED.

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