J2 Communications, the owner of the National Lampoon trademark, said Chairman and Chief Executive James P. Jimirro will resign and sell his J2 stock to two shareholders who will gain control of the company.
Jimirro, who has held the jobs since 1986, also will give up his seat on J2’s board, the Los Angeles-based company said. Jimirro, a former Walt Disney Co. executive, will remain with J2 as a consultant.
Under the agreement, Jimirro will sell his shares to Daniel S. Laikin and Paul Skjodt. The purchase price wasn’t disclosed.
Jimirro, Laikin and Skjodt currently own 39% of J2’s shares. Laikin and Skjodt will buy additional shares from the company and will hold at least 53% of J2 stock after the transactions.
Shares of J2, which also runs a Web site, rose $1.13 cents, or 8.8%, to close at $13.88 on Nasdaq.
The transaction, which has received board approval, is expected to close in the second quarter. Jimirro, Laikin and Skjodt weren’t immediately available for comment.