Updated: Lucas Oil Assumes Control Of MavTV9/30/2011 9:28 AM Eastern
Three years after taking an initial stake in MavTV Lucas, Oil Products has assumed control of cable network.
Lucas Oil, which first began funding the male-targeted service in 2008 and then became the principal shareholder in January 2010, said it will make a significant financial investment in the network to upgrade its programming and increase the value of the channel. Programming and infrastructure announcements will be made in the months to come.
Financial terms were not disclosed.
Under this agreement, MavTV which is available to some 40 million U.S. homes, becomes part of the Lucas Oil Studio family of programming that already produces more than 350 hours of motorsports and lifestyle television programming annually.
Bob Patison, executive vice president of Lucas Oil, is now serving as president of the cable network, assisted by New York media consultant Charles Theiss, who has been named to the new executive management team.
The extant management of MavTV -- led by president Steve Smith, executive vice president of sales and marketing Doug Jost, EVP of Sales and Marketing; and senior vice president of programming Rob Stevens -- is helping with the transition to Lucas Oil ownership.
"For MavTV we are focusing on three main areas including significant programming buys from major studios, exclusive new programming and an aggressive marketing campaign to improve consumer awareness," said Patison in announcing the deal
Lucas Oil's future plans for MavTV will tap its extensive portfolio of marketing relationships. The campaign will include local media buys and prominent brand positioning within the company's properties such as Lucas Oil Stadium, home of the NFL's Indianapolis Colts, plus grass roots marketing at over 400 racing events throughout the country. These include Lucas Oil's Off Road Racing Series, Lucas Oil Drag Boat Series, Lucas Oil Pro Pulling events and multiple teams in NHRA. In addition, the MavTV logo is featured on millions of Lucas Oil products sold each month in over 20,000 retail locations across the country.
Launched in October 2004, Mav TV, which now has affiliate deals with Comcast, Time Warner Cable, Dish Network, Cablevision and Verizon FiOS, among others, was founded by a quartet of former Showtime executives -- Smith, Jost, Stevens, as well as Steve Severn, who had served as CEO.