HUB President & CEO Margaret Loesch To Exit Amid Revamp Rumors
Deadline.com is reporting that the Hub Network president and CEO Margaret Loesch will be stepping down at the end of the year. Margaret has been with the network since it launched back in 2010 and has been running it since that time.
Discovery Kids is not commenting on its plans or on the rumors that the this heralds the network shutting down. Deadline says that one of Loech’s rumored replacements will be Tom Cosgrove, current CEO of Discovery’s 3D Television Network and that the Hub itself (Also co-owned by Discovery and Hasbro) will be rebranded.
“After five years at the Hub Network as its founding President & CEO, I am announcing that I will be leaving at the end of the year when my contract expires,” Loesch said in a statement to Deadline. “I am very proud of the work we have done and the accomplishments we have achieved at the Hub. The network is now in excellent financial shape, its ratings are up year-to-year, our programming has won more than 30 awards, including 12 Daytime Emmys, and the Hub Network has become a TV home for quality programming that kids and their families come together to enjoy. I will be working closely with our parent companies, Discovery and Hasbro, to assist in the leadership transition. I want to thank both companies for the opportunity they extended me and thank my wonderful team at the Hub. I have loved my job and am proud of the achievements we’ve made. While my career has spanned over four decades, I look forward to evaluating future opportunities and writing the next chapter.”
Even the biggest draws to the network, in particular My Little Pony and Transformers: Prime, have done little to bridge the ratings gap between the Hub and powerhouses Disney Channel and Nickeloden.
Last fall, Hub marked an eighth consecutive quarter of ratings growth, and it has been inching up in the ratings year-vs-year. Yet, the network draws a fraction of the audience of Disney Channel and Nickelodeon and is still behind Nicktoons. In May, it averaged 114,000 viewers in total day, flat with its delivery in the first quarter of this year. Several shows have done well, like My Little Pony Friendship Is Magic,Transformers Prime Beast Hunters and The Aquabats!, with My Little Pony in particular credited with boosting merchandising sales for Hasbro. The toymaker also has stated that the network has started turning a profit, after running losses of $6 million-$7 million a year for the previous couple of year. Still, the Hub is a big investment for Hasbro, which shelled out $300 million for 50% of the network and has pumped an additional $200 million into its Hasbro Studios, which produces a large portion of the network’s programming.
We’ll keep you up to date with news as it becomes available here at The Allspark. Be sure to share your thoughts and opinions on this as well in Random Items’ thread.
Credit: Random Items
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