By Kevin McCauley
Plum TV, which runs a group of cable TV channels in upscale markets like the Hamptons, Martha’s Vineyard, Nantucket, Vail, Telluride and Aspen, has declared bankruptcy.
The company, in turn, agreed to sell its assets to an investor group lead by Terry Mackin, president of ForesightLab in Greenwich, and Bill Apfelbaum, chairman of MediaVentures Group in New York City.
Tom Scott, Plum founder, is confident that the corporate brand “will be well positioned when it emerges from the proposed asset sale.”
In filing Chapter XI, Plum lists $8.6M in assets and $19M in liabilities. It lost $8.4M on $6.5M revenues during the past year.
Scott Williams is serving as Plum’s chief restructuring officer. He was chief marketing officer at luxury hotel chain Morgans Hotel Group and chief creative officer at Starwood Hotels & Resorts Worldwide. Earlier, he worked media jobs at HBO, ESPN and CBS Cable.
Mackin is the former president of Spanish language media giant Univision and executive VP at Hearst Television.
Apfelbaum once headed TDI, the outdoor media company that was acquired by Westinghouse/CBS.
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