Finance

ESPN Top Creditor in Agency Bankruptcy

FX, Home Team Sports, Comedy Central, Turner Digital also Owed More Than $1 Million 9/17/2013 1:54 PM Eastern

 

Several cable TV networks led by ESPN are among the creditors in the Chapter 11 bankruptcy filing by media buyer KSL Media.

According to summary of court documents prepared for the Media Finance Management Association, ESPN is owed nearly $4.2 million.

Other large creditors include: FX Networks owed $1.8 million; Home Team Sports owed $1.3 million; Comedy Central owed $1.2 million; Turner Digital owed $1.2 million; Lifetime owed $977,00; Invention Channel owed $887,000; and NBC Sports Network owed $820,000.

Golf Channel, USA Network, TLC, HGTV, E Entertainment, Travel Channel, Animal Planet and Food Network are each owed between $500,000 and $800,000

The Chapter 11 petitions were filed Sept. 11 in U.S. Bankruptcy Court for Central California.

According to a declaration filed with the court by KSL controller Janet Miller-Allen, the company intends to wind down its operation.  Miller-Allen filed a declaration with the court charging that one of her predecessors as controller embezzled money from KSL leading to millions of dollars in damages and losses.

A separate lawsuit, KSL Media Inc. v. Charness et all, is pending in California Superior Court in Los Angeles count.