Troubled cable TV and internet company Oxygen Media has won $100 million of backing from Paul Allen’s Vulcan Ventures, an award Oxygen claims will increase its chances of profitability.
The company has also announced the scaling back of its internet services to cut costs further. Founder Geraldine Laybourne, quondam president of Nickelodeon, forecast that the moves would “get us to a point of security” and predicted profitability by 2003.
Oxygen, whose programming targets women, has been looking for new funding for over a month [WAMN: 20-Oct-00], following a disappointing performance since its launch in February. However, speculation that it would be sold off may now die down in the wake of the new backing.
News source: New York Times