CHANNEL 11 L.P., CHCH-TV'S FORMER SUPPLIER OF LOCAL NEWS, FILES FOR BANKRUPTCY
HAMILTON, ON, Dec. 11, 2015 /CNW/ - CHCH-TV and its parent company, Channel Zero, have implemented a restructuring that will allow the channel to remain viable and for it to continue to deliver local news in the Greater Hamilton area. Channel 11 L.P., the entity that has created local news for CHCH since 2009, has in turn filed for bankruptcy effective today. CHCH is not ceasing operations or going off the air. CHCH and Channel Zero remain committed to the delivery of local news. Starting Monday, CHCH, joined by many of the familiar on-air personalities, will continue to broadcast the local news that viewers have been watching for over 60 years.
"When CHCH was acquired in 2009, funding support for local television was available, along with healthy national advertising revenue. That has since changed dramatically," said Romen Podzyhun, Chairman and CEO, Channel Zero. "Despite ongoing efforts over the past two years to make CHCH sustainable following serious cuts to local broadcasting support and declines in national advertising, Channel Zero is no longer in a position to continue subsidizing the losses stemming from the station's local news operations. This decision was extremely difficult but necessary to allow CHCH to remain on the air."
CHCH will continue to broadcast with a new format that keeps the core news broadcasts intact, but contains fewer overall hours of local news. Starting on December 12, CHCH will transition to a new schedule that includes CHCH's popular 6pm and 11pm weekday news broadcasts, and starting Tuesday, Morning Live will return. In addition to the familiar faces, viewers can expect to see the same high quality local news programming that CHCH has delivered to the region for over 60 years.
"We are so grateful and proud of the excellent programming and years of service that the employees of Channel 11 L.P. have given to this community" continued Podzyhun. "Business decisions like this are hardest because they impact the personal lives of people we care about deeply."
CHCH will continue to exceed the CRTC local broadcasting requirements as part of its commitment to its license and the Region. Furthermore, CHCH and its parent company, Channel Zero, are financially unaffected by this filing. Channel Zero looks forward to participating in the CRTC's upcoming hearing on the policy framework for local and community television programming in the New Year.
About Channel Zero
Channel Zero is an independent Canadian broadcasting and media group, which holds assets in television broadcasting and film distribution.
SOURCE Channel Zero
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