Ovation Network Acquired By Hubbard, Weinsteins; Multimedia Planned

The Hubbard Media Group, the Weinstein Co. and other investors have acquired tiny cable net Ovation; the 10-year-old operation is available in about 5 million households. The other investors include a Lazard Alternative Investments fund, Perry Capital and Arcadia Investment Partners. No terms disclosed. Dubbed “The Arts Network,” since the morphing beyond recognition of A&E it is the only cable channel completely devoted to the arts in various forms. Ken Solomon will be the non-executive chairman; you read about him here recently as chairman and CEO of The Tennis Channel, which just signed a cable/broadband/VOD rights deal for the French Open. The plan sounds similar to The Tennis Channel — take a small network, focus on affluent users and build enough of an audience to make it worthwhile for advertisers. Plans include a possible rebranding and VOD; I would expect a broadband element.

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