Outdoor Channel Holdings (NASDAQ: OUTD) has announced a definitive merger agreement with InterMedia Outdoors, a multi-media company owned by private equity firm InterMedia Partners. The merger will create InterMedia Outdoor Holdings, Inc., a media and content company serving the outdoor enthusiast market in the United States. InterMedia Partners will control a 67.6% majority stake in the company, and Outdoor Channel stockholders are expected to retain the remaining 32.4%. An aggregate of $115 million will be available for OUTD stockholders who opt to sell shares. CIT Group will provide $150 million in financing for the transaction. The deal is expected to close in the first quarter, after which the company expects to trade on the Nasdaq stock exchange.