Q TV Net Top Management Ousted
There has been a big management shakeup at gay and lesbian network Q TV Network (QTN).
Major investor Lloyd Fan, who was recently brought on as president, has been named chairman and CEO of QTN and parent Triangle Multi-Media, replacing company founder Frank Olsen.
But Fan has gone farther. After doing due diligence on the company, according to a source, he is replacing the board and top management--above VP level--as well, with at least three executives, including Olsen and the company's COO and CFO, said to be heading for the exit.
"Effective today, all Triangle Multi-Media Limited and QTN officers and board of directors have resigned their positions and have relinquished all responsibilities and affiliations," the company said in a statement. "Details of the new management infrastructure, with an emphasis on both television and finance industry, will be forthcoming."
The move is effective immediately, and the now-Fan-run company says that "the current and moving-forward financial obligations of Triangle Multi-Media Limited and QTN are also being vigorously reviewed, and a fresh approach to resolving these situations will be announced in the coming weeks."
Q has been making some progress convincing cable systems to offer the channel as a pay service and claims carriage on properties reaching 3 million homes. However, it’s not clear how many subscribers have actually ordered the channel.
Q has long had an odd financial structure. Parent company Triangle Multi-Media is a penny stock with 20 billion shares outstanding, but trading at a fraction of a cent per share. Tuesday’s price: 1/100th of a penny.
A spokeswoman for the company says that Fan runs Best Prop Holding Group, which has built a business in the manufacturing, financing and service sectors in Asia.
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Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.