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Post by Trojan Warrior on Feb 6, 2017 20:28:46 GMT -6
The assets of college sports website network Scout Media are headed to one of its biggest rivals. Scout cancelled its bankruptcy auction Wednesday after no other company formally challenged CBS's (CBS) $9.5 million stalking-horse bid.
Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan approved the sale at a hearing later that afternoon. Terms of the debtor's bankruptcy loan require the sale to close by Monday.
CBS owns 247Sports.com, which, like Scout, aggressively covers college football and basketball recruiting and operates subscription-based websites dedicated to individual schools. Annual membership fees for Scout sites are about $100, while 247 charges its users $150 per year.
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