January 19, 2012 01:29:23 GMT
The men's interest channel will be rebranded as a new, pop-culture oriented network called AXS TV starting this summer.
After executive producing some of E!'s shows, Ryan Seacrest is now getting his own TV network. The "American Idol" host joins forces with AEG and CAA to relaunch Mark Cuban's HDNet, so they announced on Wednesday, January 18.
The relaunched network will be called AXS TV and debut this summer with a slate of live lifestyle and live entertainment programming. It will benefit from AEG's music assets, as well as Seacrest's expertise and A-list connections.
With the rebranding, the network will target pop culture and entertainment enthusiasts rather than the younger, the heavily male demographic that HDNet has targeted. Some existing programs such as "HDNet Fights" and "Dan Rather Reports", however, will continue airing.
Financial terms of the deal were not disclosed, but it's said that the venture between Cuban and the others is "virtually" a 50-50 partnership. The billionaire entrepreneur will still lead the channel on behalf of the venture, while Denver-based Philip Garvin is still serving as GM of network operations.