LXTV Founders Snag Plum TV at Auction

Upscale network sold out of bankruptcy

LXTV founders Joseph Varet and Morgan Hertzan have agreed to acquire the upscale lifestyle network Plum TV. The pair bought it out of bankruptcy auction and will serve as co-presidents.

Terms of the deal were not disclosed.

Plum TV is currently distributed on cable in Miami, Aspen, Vail, Telluride, the Hamptons, Sun Valley, Nantucket and Martha's Vineyard. It will operate as a national network.

Broadcast vet Terry Mackin was in the running for Plum, but was outbid.

"Plum offers a great opportunity to build an international lifestyle multimedia business and will provide platforms where advertisers can reach the most desirable demographic in an environment that reflects the quality and excellence of their brands," said Hertzan. "We have many exciting programming plans for Plum which we will announce in the coming weeks and months."

Hertzan is in New York and Varet is in Los Angeles.

"We plan to rapidly grow Plum TV's distribution via digital, television, and out-of-home media," said Varet, "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."

Creative Artists Agency advised Hertzan and Varet on the transaction and will provide advisory services to Plum. The buyers were represented by law firm Paul Hastings LLP.

"We are excited to be in business with Joseph and Morgan," said Tom Scott, Plum's founder and chairman. "We love their passion and experience, and we believe in their vision for Plum."

Lifestyle/entertainment outfit LXTV was acquired in 2008 by NBC's owned stations. Neither Hertzan nor Varet currently still work at NBCUniversal.