TORONTO – Sports and entertainment company Insight Sports staged a “management buyout” of some of its assets, plus undertook a corporate restructuring of its event, web and broadcast properties.
Kevin Albrecht, Insight’s president and CEO for the past three years, is leading the management buyout of “several” of the non-broadcasting assets of Insight Sports.
The company announcement says that the reorganization will result in “a renewed focus on the company’s core broadcasting assets”, particularly the international growth of sports television channel WFN: World Fishing Network.
“The Board has decided that it should focus on the international expansion of its broadcasting assets, principally, WFN led by Mark Rubinstein and his terrific team,” said Chairman of the Board John Brunton, in the announcement. “The successful launch of WFN in the USA has created a tremendous business opportunity in North America and internationally. This corporate restructuring will enable Insight Sports to more effectively focus and execute on those media properties that are strategically key to our future. We have every confidence in our Insight Sports executive team.”
Insight Sports will continue to operate digital media businesses WFN: World Fishing Network in Canada, the USA and the Caribbean; GameTV and Major League Gaming in Canada; an interest in the NHL Network in Canada and the USA; and Edmonton-based sports production company Aquila Productions Inc.
Insight Sports sold 80% of its interest in the soccer channel GOLTV to Maple Leaf Sports and Entertainment Ltd. in January, though that transaction still requires CRTC approval.
