German interactive youth TV channel joiz has almost completed its reorganisation, secured its financial backing and will remain on air.
The creditors have unanimously given their consent to the restructuring plan, according to joiz Germany.
As a new shareholder, German media group M. DuMont Schauberg has initially acquired a 20% stake in the channel with an option to increase its shareholding to 35%.
Britta Schewe has been appointed the new co-CEO alongside Alexander Mazzara. Schewe has been working as head of content distribution & sales at the channel since its launch in Germany. The 36-old will head the day to day operations of the 30 staff members at the headquarter in Berlin.
The free-to-air channel ran into financial difficulties due to high distribution and staff costs and low advertising revenues.