Youth-skewing English-language Latinx entertainment media brand Fuse Media has revealed that the company expects to emerge from Chapter 11 bankruptcy protection on schedule.
The multicultural media company, which is backed by Jennifer Lopez, first filed for bankruptcy protection in April as it sought to lessen its secured debt by approximately US$200 million while reducing related interest expenses.
A judge in Delaware on Tuesday (June 18) approved Fuse’s plan, which was also supported by more than 80% of Fuse’s shareholders in April. The judge’s ruling now clears the path for the broadcaster to exit Chapter 11 in the coming weeks.
Longtime Fuse CEO Michael Schwimmer stepped down from his post at the company in April, prior to the company’s bankruptcy filing. Fuse was also dropped by Comcast earlier this year and has challenged DirecTV in court, which claims Fuse breached its affiliate agreement by failing to offer an early right to terminate its affiliate agreement. Fuse’s partnerships with DirecTV and AT&T have since entered into new distribution agreements.
Fuse Media interim CEO Miguel Roggero said the company will continue to accelerate its investment in original programming to better serve its existing audience while engaging with new viewers.
Throughout the financial reorganization, Fuse Media’s unscripted business has continued to grow through series such as docu-culinary program Made From Scratch, set to premiere this fall, while renewing hit programs T-Pain’s School of Business and Big Boy’s Neighborhood; the acquisition of the rights to new installments of the ‘Fuse Docs’ and ‘Fuse Films’ franchises; and solidifying distribution of its linear and video-on-demand channels via renewals and new partnerships.
“I would first like to thank our employees for their hard work and dedication during this challenging period,” said Roggero in a statement. “We are also thankful for the unwavering financial support of our bondholders. Looking forward, Fuse will continue to provide content that entertains and inspires young and underserved Latino and multicultural audiences, and to collaborate with creative, brand and distribution partners who share this goal.”