Gaiam completes sale of division to Sequential Brands; changes name to Gaia

LOUISVILLE — Gaiam Inc., a lifestyle company based in Louisville, on Tuesday completed the sale of its branded consumer product business to Sequential Brands Group Inc. (Nasdaq: SQBG) and its operating partner Fit For Life LLC for $167 million.

In connection with the closing, Gaiam will change its corporate name to Gaia Inc. and will continue to trade on the Nasdaq under its current ticker GAIA.

After the closing, Gaiam’s business will consist of the Gaia subscription service, formerly known as Gaiam TV. Gaia is a global streaming video service and online community delivering media to subscribers across the world. More than 90 percent of the company’s 7,000 titles are exclusively available for streaming on Gaia through most devices connected to the Internet. Eighty percent of subscriber views across 120 countries are generated by content produced or owned by Gaia.

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GAIAM expects to use proceeds from the sale to fund its issuer tender offer, and fund the growth and development of Gaia, as well as general corporate purposes.

“Completing this transaction is the final step on our path to focus on a subscription video streaming service dedicated to conscious media, following dispositions of our solar energy, DVD and eco-travel businesses,” Jirka Rysavy, Gaia’s chairman and chief executive, said in a prepared statement.

Lynn Powers, former CEO of Gaiam, in a prepared statement, thanked the company’s employees and partners for their work in driving Gaiam’s vision to make yoga, fitness and wellness accessible to everyone.

“We are proud of the reputation the Gaiam brand has built around these healthy living markets, and I’m also confident in Sequential Brands, High Life and Fit For Life’s ability to further advance this vision,” she said.