PrideVision loses nearly $25 million in funds
BY Advocate.com Editors
February 12 2003 12:00 AM ET
Gay digital cable network PrideVision suffered serious financial setbacks last week as parent organization Headline Media Group lost almost $25 million from one of its largest backers, film company Alliance Atlantis, according to the news wire service Canadian Press. Alliance's original investment in Headline of $27.3 million was reduced to $3.2 million, due in part to poor third-quarter showings. PrideVision, which services only 20,000 subscribers, had already laid off many of its employees before Christmas. Headline has said it is looking for additional financing so it can continue operating past its fiscal 2003 year, which ends in September.
"My view is that this is a hugely underserved segment of our population and this network, in one form or fashion, whether it be with us or someone else, whether it be today or tomorrow, will absolutely thrive and will become one of the most amazing networks that exists on television," said Toronto businessman and PrideVision owner John Levy, who is straight, to the Ottawa Citizen.