Fuse Media announced it will emerge from Chapter 11 on schedule in the coming weeks “as a materially stronger company.”
The former NuvoTV/SíTV network that merged with Fuse in 2015 and targets Latino, multicultural millennial and GenZ audiences, filed for voluntary, pre-packaged Chapter 11 protection in April. The company’s goal in doing so was to bring down its secured debt by $200 million and reduce related interest expenses. A bankruptcy judge approved the company’s plan on Tuesday, June 18, clearing the way for Fuse to exit Chapter 11.
Among its woes, Fuse was dropped by Verizon Fios and Comcast on January 1. That led to the company missing an interest payment of $12.5 million. Since then, Fuse signed carriage deals with AT&T and DirecTV and lined up “new partnerships” and “new distribution agreements.”
Longtime CEO Michael Schwimmer resigned back in April. Mike Roggero stepped in as interim CEO, navigating through the bankruptcy proceedings.
According to the company, throughout the financial reorganization, Fuse Media has continued to grow its business, renewing and adding new shows, including its first adult animated original series, Sugar and Toys.
Fuse says it plans to increase original content on on its schedule by 100% in 2020 vs. 2019.
But one thing remains: Will Verizon FiOS and Comcast reinstate Fuse on their channel lineups?