(CelebrityAccess) — Mark Cuban, the outspoken owner of the Dallas Mavericks, announced he’s selling his stake in HDNET, the parent company of AXS TV to Anthem Sports & Entertainment.
Anthem Sports & Entertainment will take over operating management of both AXS TV and HDNET Movies, as well as AXS TV’s library of owned programming, including wrestling, MMA and entertainment content.
Originally founded by Mark Cuban in 2001 as HDNET, the channel rebranded to AXS TV after striking a partnership with AEG. The network’s programming, which reaches about 50 million households worldwide, features a range of music programming such as concerts and live events, music music-themed information and reality programming, live wrestling and MMA, and off-network runs of popular music-themed programming.
Cuban, who served as Chairman of AXS TV and AEG will continue to participate as equity partners, and AEG Global Partnerships, AEG’s advertising and sponsorship sales unit, will continue to support the channels in conjunction with Anthem’s sales team.
“Anthem’s combination of targeted brands, enthusiastic audiences, operational expertise, international footprint and vision makes them an ideal partner to take AXS TV and HDNet Movies to their next levels,” Mark Cuban said. “Given Anthem’s portfolio of premium content and complementary programming networks, we could not ask for a better home, and we are looking forward to the results we will collectively generate for this new partnership.”
The deal will also see comedian, producer and businessman Steve Harvey sign a deal for content development and promotion of Anthem’s portfolio of channels. Steve Harvey Global will have a seat on the board of directors of Anthem.
Anthem’s board of directors will also include Ted Goldthorpe, head of BC Partners Credit, a lead financier on the acquisition; Rick Ehrman, a former senior executive at Univision and NBC Universal; Robert Foster, founder and CEO of Capital Canada; Scott Honour, founding principal of Northern Pacific Group; and Loudon Owen, chairman and CEO of DLT Labs.
Joining as an investor is entertainer, producer and businessman Steve Harvey, who will also enter into a strategic agreement for content development and promotion of Anthem’s portfolio of channels. Steve Harvey Global will have a seat on the board of directors of Anthem.
AXS TV and HDNet Movies will continue operating from their existing facilities in Denver and Los Angeles, and will have access to Anthem’s playout and production center in Toronto and production facilities in Nashville and Europe, the companies said.
The financial terms of the transaction were not disclosed.