TV broadcasting company Fuse Media filed for Chapter 11 bankruptcy protection after losing millions of subscribers.
Fuse Media Inc., a television broadcasting company backed by Jennifer Lopez, filed for bankruptcy protection with a pre-negotiated plan that will cut about $200 million of secured debt.
“Unlike many other companies in our industry, Fuse has been experiencing growth across platforms, but we have been unable to realize the full benefits of this progress because of the significant amount of debt on our balance sheet,” Mike Roggero, Fuse’s chief financial officer and interim chief executive, said in a statement.
The pay-TV industry is in a period of transition as media giants including Netflix Inc., Hulu and Amazon.com Inc. offer cheaper options. The changes caused a “material decline” in Fuse’s subscriber and revenue bases as a result of “cord-cutting” alternatives, Roggero said in court filings. Fuse reached approximately 61 million homes as of Jan. 1, making it one of the largest privately held independent cable networks in the United States.
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