Las Vegas, NV, February 6th 2014 (PRWEB) February 06, 2014
Players Network, Inc. (OTC-QB Bulletin Board: PNTV), in response to numerous inquiries Players Network, Inc. (“PNTV”) is providing this Shareholder update with regard to the complaint PNTV filed against Comcast Corporation and its affiliates (“Comcast”) in the District Court of Clark County, Nevada complaint # A-14-693908-B for $150 million alleging Comcast entered into a contract with PNTV and failed to fulfill their responsibilities.
PNTV felt this action was necessary to protect its shareholders and the long-term investment into the business, as well as the Vegas On Demand Network. The full complaint is available by clicking this link: https://db.tt/ePIkDx0U.
According to the complaint, Comcast is accused of violating the contract with PNTV and Comcast’s consent decree with the Justice Department and FCC by preferring their programming to PNTV ’s “Vegas On Demand ” network and unfairly competing and discriminating against PNTV and the Vegas on Demand network. In violation of the letter and spirit of the contract entered into in 2005, and the Justice Department and FCC consent decree, entered into in 2010, related to Comcast’s acquisition of NBC and Universal Studios outlined in a twelve (12) count complaint together with the entire history of the transaction Comcast’s practices. These practices are a significant portion of the PNTV complaint against Comcast.
Comcast, as alleged in the complaint, is accused of preferring the programming of its own networks or affiliates over that of PNTV. PNTV helped start Comcast’s video on demand business back in 2004; by becoming one of Comcast’s first independent networks and by entering into a ten (10) year contract and helping to draw substantial viewers to Comcast Select On Demand platform with its original content. Under that agreement, Comcast and PNTV became partners and Comcast promised PNTV to utilize their resources to assist in building and monetizing PNTV’s Vegas On Demand channel by securing sponsors, advertisers and providing Vegas On Demand with access to it middleware ad insertion technology to monetize Vegas On Demand content and to market the channel to other carriers and failed to do so.
Further, in reliance on Comcast’s promises in the contract, PNTV invested millions of dollars into production programming for its channel. The “Vegas on Demand” channel ranked consistently for the first five (5) years of the contract in the top percentage of all Comcast free video on demand offerings according to Rentrak and independent reporting system used by Comcast.
PNTV attempted to resolve the dispute starting in January 2013, but after a year of negotiations with Comcast, PNTV determined that Comcast was not dealing with them in good faith and filed the herein referenced complaint. In a letter which Mark Bradley, C.E.O. of PNTV sent to Michael Schreiber, Senior Vice President of Comcast dated January 2, 2014, PNTV tried further to resolve the dispute; the unanswered letter contained the following language:
“Despite these efforts and the repeated attempts to work with Comcast management to build a brand and a network, as partners, the complaint alleges that Comcast has failed to hold up its end of the agreement, and has not provided the marketing, distribution or monetization support outlined in our agreement. In addition, Comcast has buried our channel under layers of menus insuring its failure, in breach of the spirit and intentions of our agreement. These breaches have forced us to struggle as a company financially, and has negativity impacted over 1000 public shareholders who made investments based on the promises Comcast made to us and in mutually released press announcements. The situation has reached a point where we have been left with no choice but to take legal action and file a formal civil complaint.”
After waiting a reasonable time for Schreiber to respond, the complaint was then served on Comcast, on January 24, 2014 and the answer to the complaint is due February 13, 2014. In compliance with SEC rules and regulations all of the forgoing had to be disclosed by PNTV to the public in an 8K filing with the SEC according to the company’s attorney’s Barney C. Ales, Esq. of the law firm of Barney C. Ales, Ltd., which was done on January 24, 2014.
If further information is needed please contact:
Michael Pratter-PNTV-Director of Legal and Business Affairs at 702-988-2300
Barney C. Ales, Esq.-of the law firm of Barney C. Ales, Ltd. at 702-998-9576
Media inquiries contact Lisa Mayo-DeRiso at 702.576.2659.
For Investor inquiries Contact(s): Zachary R. Logan / Drew S. Phillips
Contact phone: 858.886.7237 info(at)pacifificequityusa(dot)com
About Players Network:
Players Network is a Television and Digital New Media Company that develops branded digital lifestyle networks or Channel Destinations by using its digital broadband platform and through it distribution partners. Players Network current original channels, Players Network, Vegas on Demand, Sexy Sin City TV, which are focused on Las Vegas and Gaming Lifestyles are the lead channels is distributed over their own VOD Channels on television in over 23,000,000 homes over Comcast, and its own Broadband Network, Hulu, Blinkx, Google, YouTube and Yahoo Video, for DVD Home Video, mobile platforms, and through worldwide television syndication. Players Network has a 15-year history of providing consumers with quality Gaming and Las Vegas Lifestyle content, as well as strategic partnership services in Las Vegas, Atlantic City, and throughout the worldwide gaming industry. For more information go to http://www.playersnetwork.com
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this Release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to: the ability of the Company to increase revenues in the future due to the developing and unpredictable markets for its products, the ability to achieve a positive cash flow, the ability to obtain orders for or install its products, the ability to obtain new customers and the ability to continue to commercialize its products, which could cause actual results or revenues to differ materially from those contemplated by these statements.