Place Your Bets: CGTV Top Execs Gone, Merger Talk a Bust

What’s going on at Casino and Gaming TV? An unusual announcement crossed our desk last week from HorseRacing TV and parent Magna, saying that HRTV and CGTV are not merging. Magna said it had learned that the gaming network may be telling certain prospective investors that the 2 nets reached an agreement regarding a merger. "Despite CGTV’s claims, there is no formal binding agreement in respect of any proposed merger between CGTV and HRTV, and no such merger is currently under consideration by Magna or HRTV," Magna said. When Cfax tried to contact CGTV, the plot twists continued. Turns out Nick Rhodes quietly left his post as CGTV pres/CEO back in Jan to pursue other opportunities. CFO/COO Bill Keenan also left the network. Both are high-profile cable execs, with Rhodes serving as part of the sr mgmt teams that built and sold Speedvision and Outdoor Life and Keenan acting as E!’s CFO for more than a decade. Rhodes said his pres/CEO position has not been filled. Investment bankers Rob Carlsson and David Hawk announced the formation of CGTV in fall ’03 and followed up with a lavish booth at NCTA’s National Show in New Orleans. Neither could be reached for comment by press time. Despite the splashy launch, US carriage for CGTV appears stalled. It has picked up about 1.6mln subs in Canada, where it has licensed the brand to another entity for CGTV Canada, but has no US carriage.