Video Jukebox Network Inc., the troubled cable programmer, may have a new investor.

The Miami-based channel is in “serious negotiations” with Chris Blackwell’s Island Trading Co. for the sale of a controlling equity interest.

Island Trading is a unit of Island Intl., a Bahamas-based firm managed by Blackwell.

According to Andy Terentjez, an Island Trading exec, Blackwell has a number of investments in South Florida and, as a result, became interested in Video Jukebox. “The cable world is changing and interactive TV will make a lot of sense in the future,” said Terentjez.

Launched in 1987, Video Jukebox plays music videos when subscribers make requests by telephone. It has run up a string of losses, forcing its backers to toss out management last September.

Island Trading and Island Intl. are not related to Polygram N.V. subsid Island Records.

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