Amarillo, Texas – Parent, a company owned by New Jersey-based licensing and memorabilia mogul Joel Weinshanker, has purchased multimedia entertainment retailer Hastings Entertainment for $21.4 million. The publicly traded Hastings will go private and operate as a wholly owned subsidiary of Parent.
Hastings shareholders, who will receive $3 cash per share in the deal, approved a merger initially entered into on March 17, 2014. Hastings CEO John Marmaduke will depart the company and receive a $1.5 million one-time payment. Weinshanker owns National Entertainment Collectibles Association and owns the licensing and merchandising rights to celebrities including Elvis Presley. There are currently two federal lawsuits challenging the merger on grounds the price per share is too low.