Movie Channels Network, the company jointly owned by Warner Bros, Disney, MGM and Village Roadshow, will cease broadcasting by the end of the year. 42 staff will be made redundant.
The Australian reports that the decision to close down the company is a result of Foxtel’s strategic decision to focus on building its own movie offering. MCN’s contract was due to expire on December 31, and Foxtel had already reached an agreement that will see Premium Movie Partnership’s Showtime channels removed from the pay television service. That contract was not due to expire until next year. PMP was owned by Universal, Sony Columbia and Twentieth Century Fox.
