It looks like struggling TechTV is looking for new funding options even as it
changes its programming course.
The cable network has hired Greenwich, Conn.-based investment counsel
Greenbridge Partners LLC to help search for potential funding partners, even as
it tries to reform its distribution, brand and programming strategies.
TechTV reaches some 40 million households in the United States, but the tough
economy has not been kind to the high-tech information and education outlet.
With ad revenue dwindling, the network saw chairman and CEO Larry Wangberg
step down in early 2002, followed by the layoff of 50 employees three months
Recently, the network has been trying to shore up its programming and
marketing efforts. It hired former E! Entertainment Television programming
honcho Greg Brannen as its executive vice president of programming and
production, and it signed on marketing veteran Gaynor Strachen Chun as its
senior VP of marketing and communications.
It also changed its programming focus from high-level computer-geek
information toward more mainstream-oriented fare, seeking out documentaries for
its primetime lineup while targeting "edgy, male-skewed" shows for the
"This network has taken some key strategic measures in the past year to get
the business on track and become a category-defining brand," chief operating
officer and acting CEO Joe Gillespie said in a release.
"By joining forces with an appropriate strategic partner or partners, we feel
that we can capitalize on our pole position as the category-defining cable brand
in technology," he added.