MTV Networks has sold Tempo, the first and only 24-hour pan-Caribbean cable TV network, to a group of investors headed by founder and newly appointed chairman-CEO Frederick A. Morton Jr.
Morton founded Tempo while he was employed at MTV Networks. Terms of the deal, which closed on Nov. 8, were not disclosed.
Tempo bowed in November 2005. Since then, it has obtained cable distribution in 25 islands, reaching nearly 400,000 households and an estimated 1.6 million viewers.