Iconix Brand Group Inc. said Friday it has agreed to sell the rights to the Sharper Image brand and related intellectual property to ThreeSixty Group for $100 million in cash. The company said ThreeSixty Group is the brand's largest licensee. The deal is expected to close on Dec. 30 and the company will use the proceeds plus additional cash to pay down about $115 million of debt. Iconix expects to post a gain on the sale that is not reflected in its current guidance. Shares were not yet active premarket, but are up 30% on the year, while the S&P 500 has gained 10%.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below