Plum TV Bought Out of Bankruptcy by LXTV Founders
Plum TV will live to see another day. After filing for bankruptcy earlier this year, the tiny cable channel aimed at the ultra-rich has now been bought by Joseph Varet and Morgan Hertzan, the original founders of another luxury cable network, LXTV.
Plum TV was launched in 2004 and airs only in select resort markets like Miami Beach, Nantucket, and Aspen. In 2010, the network launched an ambitious attempt at expansion by bringing in Ocean Drive magazine founder Jerry Powers as its new president. The company settled its headquarters in Miami and briefly entered the magazine market. That chapter of Plum's history came to a quick end. Powers resigned last year and claimed that the company was not upfront with him about its financial situation. Layoffs followed, and the company announced it had filed for Chapter 11 bankruptcy in January.
Varet and Hertzan founded LXTV, a similar network which was acquired by NBC's local division in 2008. Before creating LXTV, the duo were executives at MTV.
"We plan to rapidly grow Plum TV's distribution via digital, television, and out-of-home media," said Varet in a statement, "and expand Plum TV as a national lifestyle network while retaining its resort community programming and DNA. Our vision is to bring the compelling resort lifestyle of Plum TV's existing local programming to a national and international audience."
Original founder Tom Scott is still on board.
"We are excited to be in business with Joseph and Morgan," Scott said in the same release. "We love their passion and experience, and we believe in their vision for Plum."
Varet is based in L.A. and Hertzan is based in New York. The station has plans to open an office in Los Angeles despite not having a station in the area. It remains to be seen if the company will still be headquartered in Miami, but that seems unlikely.
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