How many eyeballs...
...are fixed on OUTtv? Given the money woes, the answer is not enough. The cable network has managed to avoid declaring bankrutpcy, it sez here.
I finally ditched a channel in favour of OUTtv, but gotta confess that I never watch it.
"At an April 18 meeting OUTtv's unsecured creditors voted in favour of the network's plan to pay off part of its debt. The plan will reduce the network's unsecured debt to about $400,000 from $2.7 million, says Bill Craig,
the majority shareholder and president of the company that runs both OUTtv
and Hard On PrideVision,
its adult-content sibling network."
Geez. When porn don't pay, you're in serious doo-doo.
"'We were the first gay and lesbian TV network in the world,' says Craig, 'and now we have avoided becoming the world's first bankrupt gay TV network.'"
Craig -- who hasn't called me back -- needed creditors to okay the restructuring, and enough did to keep on keeping on. "The plan has the company paying most of the creditors 19 percent of the debt owed. Some of the creditors, including shareholders, agreed to forgive their debts in return for keeping equity in the company. Those creditors include Pink Triangle Press,
which publishes Xtra, and Craig himself, who was owed $340,000." Ah, the interconnectedness of indy queer media....
A judge still has to okay the scheme. And Craig's looking for people with big pockets to invest. "Once the deal is finalized, the company can go back to doing the business of running a television network, including developing programming and increasing viewership. Programming has languished in rerun-ville while the restructuring was taking place."