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.