TV giant with flagship network reaching 90million US homes files for bankruptcy blaming declining cable subscribers

A major television giant filed for bankruptcy after bosses blamed declining cable subscribers.

iMedia Brands owned the shopping channel ShopHQ, which was founded in the 1990s and reaches 90 million people across the country.

A TV giant filed for bankruptcy as bosses blamed declining cable subscribers (stock image)

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A TV giant filed for bankruptcy as bosses blamed declining cable subscribers (stock image)Photo credit: Getty

A bankruptcy filing was filed in June before the station was sold to the company IV Media.

Court documents seen by Bloomberg showed that iMedia Brands owed its creditors more than $100 million and had debts of more than $370 million.

The company reported a loss of more than $40 million for the first nine months of 2022.

Bosses at iMedia Brands told how shoppers had cut back on spending as high inflation hit their wallets.

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Bosses said they had seen a further fall in sales this year.

James Alt, who led the company’s key transformation, said a Chapter 11 bankruptcy filing was “critical” to the company’s future.

Despite seeing an increase in revenue during the Covid-19 pandemic, iMedia filed bankruptcy papers.

Alt said the company has benefited from Americans using home shopping channels like ShopHQ.

The $55 million deal closed in August and Shop HQ was one of the outlets purchased by IV Media, according to Business Wire.

ShopHQ reaches viewers across multiple platforms including Apple TV, Roku and Amazon Fire.

Alt described the result as “great” and said: “Under the new owners, both companies will be well positioned to continue to grow in the future and achieve great success together.”

“By partnering with IV Media, iMedia will continue to offer its customers the diverse selection of brands they desire through engaging content.”

ShopHQ sells a range of goods including fashion, jewelry, beauty care and homeware through its shopping channel and website.

The US Sun has contacted iMedia for comment.

Aila Slisco

Aila Slisco is a Dailynationtoday U.S. News Reporter based in London. His focus is on U.S. politics and the environment. He has covered climate change extensively, as well as healthcare and crime. Aila Slisco joined Dailynationtoday in 2023 from the Daily Express and previously worked for Chemist and Druggist and the Jewish Chronicle. He is a graduate of Cambridge University. Languages: English. You can get in touch with me by emailing: ailaslisco@dailynationtoday.com.

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