MTV Networks, a division of Viacom Inc, has agreed to purchase the financially troubled
College Television Network (CTN) from CTN Media Group, Inc. for a reported $15 million in cash. The acquisition of CTN, currently available on about 750 American college campuses, provides MTV with an important new means of super-serving the college market.
CTN, based out of New York, is the largest television network exclusively dedicated to serving college students. CTN reaches 8.2 million students each week, by way of its satellite broadcast feed to televisions located primarily in public spaces on the largest American college campuses, as well as direct distribution into dorm room cable systems on almost 150 college campuses. As part of MTV, CTN will continue to offer content geared exclusively towards college-age students (18-24) through a unique blend of music, news, sports and college-specific programming. Additionally, CTN will continue to create new music and other college-themed events and bring them to college students across the U.S.
Judy McGrath, president of MTV Networks Music Group, said, "We've been serving and interacting with college students since MTV began airing in 1981 and we are always looking for ways to strengthen our ties to this vital population. By acquiring CTN, we now have a terrific means of deepening our connection with a critical part of our audience."
MTV and MTV2 president, Van Toffler, added, "This is a great deal for everyone involved. College students get a compelling blend of music, entertainment, news and information created just for them; advertisers get a more robust vehicle for reaching a difficult-to-reach audience; schools get an enhanced content offering that includes two great brands under one roof; and MTV gets a significant new distribution channel to connect with its audience."
Tom Rocco, president of CTN Media Group, Inc. also said, "With this acquisition, CTN will now gain the incredible resources MTV can provide to achieve its true potential as the premier network service, specifically created for the college market. We've worked hard over the past 8 years to build CTN, and now we have the perfect opportunity to make it a truly viable media outlet."
With this acquisition, MTV plans to provide the college audience with a unique mix of all the music that MTV and MTV2 are known for, as well as new, original content, some of which will be filmed at college campuses across the U.S., featuring issues and topics that are relevant to college-age young adults. MTV has also formed partnerships with CBS News and CBS Sports (also owned by Viacom Inc.) to provide news and sports programming specifically for college students. Additionally, CTN will feature pro-social programming adapted from MTV's annual pro-social efforts and award-winning Fight For Your Rights campaign.