LOS ANGELES, Jan. 4 (UPI) -- A new cable channel for movie aficionados is up and running and backers say they're prepared to fund losses for another year.
"ReelzChannel," which premiered in September in 28 million homes, is a big-bucks product of the Hubbard Media Group, a pioneer in satellite television, and has already "burned through more than $25 million" during its six years of planning, the Los Angeles Times reported.
The Hubbard family has been in the broadcasting business for more than 80 years. The family fortune was pumped up by the sale of its investment in DirecTV for $1.6 billion.
The family is partnering with a group of investors that includes movie moguls Harvey and Bob Weinstein, to purchase a very small cable channel currently devoted to the arts for its base network.
Stanley Hubbard, chairman of Hubbard Media, told the Times he realizes the new channel is a high-risk venture, but he said is committed to it.
"We are prepared to continue to fund losses for another year, perhaps more," he said.