Owner Metrodome sees no prospect of black ink
LONDON — U.K. TV distributor Target Entertainment has gone into administration, the U.K. version of Chapter 11, 18 months after being acquired by Metrodome for $1.2 million.
Metrodome said there was little prospect of Target returning to profitability. BDO has been appointed as administrators.
The distrib represents around 4,000 hours of scripted, factual and kids’ shows, which include “Fifi and the Flowertots,” the “Popstars” formats and reality show “Most Haunted.”
Metrodome issued a profit warning in December and said that Target had been hit by “tougher than expected trading conditions” in the final quarter of 2011 due to Europe’s economic problems.
“Many of our customers are either not buying products at all or delaying decisions on any new purchases, which has led to a worse than expected financial performance,” Metrodome exec chairmain Mark Webster said at the time.