New Urban net finances flagging - Broadcasting & Cable

New Urban net finances flagging

Author:
Publish date:

Start-up black cable network New Urban Entertainment is struggling to stay alive, unable to secure new financing and laying off almost all of its staff.

NUE executives met with potential backers Monday, but Radio One CEO Alfred Liggins is balking at putting up at $25 million of a planned $60 million cash injection. Existing backers don't want to put up the $1 million to $2 million it would take to keep the operation going for a couple more months.

The network had laid off most of the studio staff that was maintaining its six hours of programming, repeated in a wheel four times a day. NUE-TV (pronounced "New TV") is carried primaily on digital cable to 500,000 cable subscribers in markets with a sizeable black population, including part of AT&T's Atlanta operation, AOL Time Warner Jackson, Miss., and Bakersfield, Calif.
- John Higgins

Related