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Golf Channel Founder Gibbs Resigns

After one decade of building The Golf Channel, network cofounder Joseph Gibbs
announced his resignation from the network Tuesday, effective Dec. 31.

Gibbs -- who, along with golf legend Arnold Palmer, created the network in
1991 and launched it on cable systems in 1995 -- is leaving to run his own
venture-capital company, Gibbs Investments L.L.C.

Under Gibbs' tutelage, the ultra-niche sports service broke even within four
years of operation, and it is currently in more than 40 million households.

Current Golf chief operating officer David Manougian will take over the reins
of the company, in which Comcast Corp. holds a majority interest.

'The golf world is a wonderful world, and I appreciate being a small part of
it and hope to be able to continue to be part of it in the future,' Gibbs said
in a prepared statement. 'There are so many to thank who helped to make this
dream a success, and I'll look forward to watching as the channel continues to
grow even bigger and better from year to year.'