A cable group has filed for reorganization under Chapter 11 bankruptcy protection, but continues to operate, Multichannel News reports.
Plum TV, described as “a collection of local cable channels serving resorts and upscale communities,” will sell its assets to “a group led by Terry Mackin, president of Greenwich, Conn.-based ForesightLab and a former president of Univision, and Bill Apfelbaum, chairman of New York City-based Media Ventures Group,” the story reports. Mackin is also a former EVP of Hearst Television.
In a statement, Plum TV Chairman Tom Scott said: "We want to reassure our audiences and advertisers that Plum TV remains in business and will continue to provide our daily programming throughout this process. Plum and its respective channels continue to enjoy strong brand identification in desirable markets. With berths on cable systems serving these markets, coupled with the rapid growth of over-the-top video viewing and viewing of local content on mobile devices, the Plum Network of channels has strong distribution and viewer loyalty."
The investors have reportedly pledged $1 million in "debtor-in-posession" financing.
The report adds: “The programming service, which leases access to some channels and multicast spectrum for others, had attracted well-heeled investors including Tom Freston and Jimmy Buffett and invested in original programming that targeted wealthy viewers.”