Participant Media announced Wednesday it will shut down its millennial-focused TV cable network, Pivot, to focus on “content creation and social impact.”
Employees of the cable network, which was launched in 2013 and reaches about 50 million homes, were told late this morning that programming will immediately begin winding down and Pivot will go dark by the end of the year.
The number of job losses that will result from the restructuring was not clear.
Pivot’s programming slate has included Joseph Gordon-Levitt’s “HitRecord on TV,” “Raising McCain” hosted by Meghan McCain, and “Jersey Strong.”
“As the media landscape changes, we have been evaluating how we fulfill our mission to entertain and inspire social action around the world’s most pressing issues. That process has led us to the decision to move away from owning and operating a cable network,” said Participant Media CEO David Linde.
“While this conclusion was not an easy one, it is ultimately in the best interest of all our stakeholders, and allows us to allocate more resources toward the production of compelling content across all platforms,” he said.
The company said the landscape for stand-alone, independent cable networks has grown more challenging, citing “a wave of consolidation among the largest cable TV distributors; increasing competition for high-quality content, driving up the costs of programming; and continued migration by consumers and advertisers toward online video and away from traditional linear video.”
Meanwhile, Linde said, demand for high-quality content has continued to grow as consumers spend increasing amounts of time watching content at home, at work and on-the-go.
“There has never been a better time to be a creator of great content,” Linde said. “By focusing squarely in that direction, Participant is positioning itself to take advantage of these trends.”
Participant Media’s films, including “Spotlight,” “Contagion,” “Lincoln,” “The Help” and “An Inconvenient Truth,” have grossed more than $2 billion in theaters globally. Its digital hub, TakePart, offers up articles and videos aimed at “socially conscious consumers.”
–City News Service