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Ovation Cable Channel Bought by Hubbard, Weinsteins

Aug 29, 2006  •  Post A Comment

Ovation, the 10-year-old arts cable network, has been acquired by Hubbard Media Group, the Weinstein Co. and a group of other investors. Financial terms of the deal were not disclosed.

Ken Solomon, chairman and CEO of the Tennis Channel, was named non-executive chairman of Ovation. Charles Segars takes over as CEO, Ron Garfield is chief operating officer and Chad Gutstein is executive VP, the network said Tuesday in a statement.

The new owners plan to double distribution over the next two years from Ovation’s current 5 million households and increase the channel’s efforts to lure advertisers looking to reach affluent viewers. The network will be relaunched in the near future, possibly under a new name.

Ovation also plans to take advantage of multimedia opportunities for arts programming.

“We look forward to creating a channel and a brand built around the arts which appeals to artistic and cultural passions and personal creativity,” said Stanley Hubbard, chairman of the Hubbard Media Group.

The deal marks the first move into cable TV by The Weinstein Co.

“Pairing Hubbard’s 83 years of experience with the Weinstein Co.’s strategic expertise in multiplatform content creation is a powerful combination that will help us bring the arts to a new level,” Mr. Segars said.