Ovation TV Buys Universal Music Channel
January 8, 2008 at 9:18 AM (PT)
OVATION TV, the arts-themed network that relaunched last year with a focus on making the arts more accessible to viewers, has acquired UNIVERSAL MUSIC GROUP's 24-hour music network INTERNATIONAL MUSIC FEED, reports REUTERS and THE HOLLYWOOD REPORTER. IMF, which launched in 2005, features concerts, interviews and music videos. The purchase boosts OVATION's distribution by 60% to 25 million homes.
"One of the categories we wanted to broaden was music; about a year ago, we started looking for some sort of acquisition to beef up our original programming and the music programming category," said OVATION CEO CHARLES SEGARS . "This is a great partnership with UMG, which is the world's largest holder of jazz, classical and world music programming."
Financial terms of the deal were not disclosed, though SEGARS said the network paid a combination of cash and stock. UMG will be a minority shareholder in OVATION TV, which was acquired in 2006 by HUBBARD MEDIA GROUP and a group of other private investors.