Today, Participant Media announced that as part of an overall reevaluation of the business, the company would be focusing its efforts and investments behind content creation and social impact, and exiting the business of owning and operating its TV cable network, Pivot.
Commenting on this restructuring, Participant Media CEO David Linde said, "As the media landscape changes, we have been evaluating how we fulfill our mission to entertain and inspire social action around the world's most pressing issues. That process has led us to the decision to move away from owning and operating a cable network. While this conclusion was not an easy one, it is ultimately in the best interest of all our stakeholders, and allows us to allocate more resources toward the production of compelling content across all platforms."
As has been widely reported, the landscape for stand-alone, independent cable networks has grown significantly more challenging since Pivot's inception in 2013. This includes a wave of consolidation among the largest cable TV distributors; increasing competition for high-quality content, driving up the costs of programming; and continued migration by consumers and advertisers toward online video and away from traditional linear video.
At the same time, demand for high-quality content has continued to grow as consumers spend increasing amounts of time watching content at home, at work and on-the-go. "There has never been a better time to be a creator of great content," noted Linde. "By focusing squarely in that direction, Participant is positioning itself to take advantage of these trends."
"This was a decision made over a lengthy period of analysis," said Linde. "The network's real achievements can be wholly attributed to the Pivot team, of whom we are incredibly proud. This very talented group's commitment to our broader mission has been absolute, and we are very grateful for their significant contributions to the organization."
About Participant Media
Participant Media (http://www.participantmedia.com/) is a leading media company dedicated to entertainment that inspires and compels social change. Founded in 2004 by Jeff Skoll, Participant combines the power of a good story well told with opportunities for viewers to get involved. Participant's more than 70 films, including Spotlight, Contagion, Lincoln, The Help, He Named Me Malala, The Look of Silence, CITIZENFOUR, Food, Inc., and An Inconvenient Truth, have grossed over $2 billion in theaters globally and collectively earned 50 Academy Award® nominations and 11 wins, including Best Picture for Spotlight. Participant's digital hub, TakePart (http://www.TakePart.com), serves millions of socially conscious consumers each month with daily articles, videos and opportunities to take action. Participant is in one of its most active years with current and upcoming film releases including Zero Days (Magnolia), The Music of Strangers (The Orchard), Light Between Oceans (Disney, September 2); Deepwater Horizon (Lionsgate, September 30), Denial (Bleecker Street, September 30), Middle School (CBS Films, October 7), A Monster Calls (Focus Features, October 21) and Neruda (The Orchard, December 16).
Source : prnewswire.com