LXTV co-founders Joseph Varet and Morgan Hertzan announced on Wednesday an agreement to purchase , a lifestyle network reaching more than 5 million of the most affluent viewers in the country across eight markets.
Plum TV is currently distributed on cable television systems in the Hamptons, Miami, Aspen, Vail, Telluride, Sun Valley, Nantucket and Martha’s Vineyard, at PlumTV.com, and on Plum TV’s video on demand iPhone app.
The purchase of Plum, founded in 2004, follows a auction in the Southern District of New York. Hertzan and Varet will serve as co-presidents with Hertzan based in New York and Varet based in Los Angeles.
The new ownership group will continue the network’s programming focus on home, travel, food and wellness. Plum TV will operate as a national network, expanding distribution across the country via digital, television and out-of-home media.
Hertzan and Varet, former MTV executives, co-founded LXTV, which produces and distributes lifestyle entertainment television, online video and out-of-home programming, in 2006. The NBC-owned TV stations division of NBCUniversal acquired LXTV in January 2008. At MTV, Hertzan conceived, launched and managed mtvU, the nation’s largest network focused on college students, and developed, with Varet, the online video network MTV Iggy.
"Plum offers a great opportunity to build an international lifestyle multi-media business and will provide platforms where advertisers can reach the most desirable demographic in an environment that reflects the quality and excellence of their brands," Hertzan said. "We have many exciting programming plans for Plum which we will announce in the coming weeks and months."
"We plan to rapidly grow Plum TV’s distribution via digital, television, and out-of-home media," Varet said, “and expand Plum TV as a national lifestyle network while retaining its resort community programming and DNA. Our vision is to bring the compelling resort lifestyle of Plum TV’s existing local programming to a national and international audience.”
Plum’s founder and chairman, Tom Scott said, "We are excited to be in business with Joseph and Morgan. We love their passion and experience, and we believe in their vision for Plum. This journey has been both exhilarating and trying. I've been lucky to have worked with some incredible people. At the same time, I look forward to the great future of Plum with Joseph and Morgan."