An investor group led by Tennis Channel CEO Ken Solomon has cut a deal to acquire listless arts network, Ovation. The group is slated to announce the deal Tuesday morning. Ovation has been seeking new backing for years.
A decade after launching, the network has around five million subs, with most of its distribution on a single cable operator, Time Warner. Solomon has secured substantial new capital and is expected to announce a carriage deal with one of the Top 5 distributors.
The network was founded by J. Carter Brown, the late director of the National Gallery of Art, and Harold Morse, who helped create The Learning Channel. It launched in 1996 but never got much traction and has been seeking new financial backing on and off for six years.