Participant Media will shut down its thre- year-old Pivot network as part of a company restructuring effort, the company said Wednesday.
The service, which launched in 2013 with a focus on targeting millennials with original scripted and realirty content, will be disbanded after struggling to gain a foothold in what is a challenging cable tv landscape for independent networks, Participant Media CEO David Linde said in a statement.
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Participant launched Pivot in 2013 after buying and then combining Documentary Channel and Halogen TV to create the service.
"As the media landscape changes, we have been evaluating how we fulfill our mission to entertain and inspire social action around the world's most pressing issues,” Linde said. “That process has led us to the decision to move away from owning and operating a cable network.
The announcement, first reported by Variety, will allow Participant to focus on developing content. "While this conclusion was not an easy one, it is ultimately in the best interest of all our stakeholders, and allows us to allocate more resources toward the production of compelling content across all platforms," said Linde in a statement.
