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NATPE Will File for Bankruptcy, Citing COVID and Dwindling Reserves
04.10.2022 - 00:33 / variety.com
Gene Maddaus Senior Media Writer The National Association of Television Program Executives (NATPE), which holds trade shows for the TV industry, announced on Monday that it will file for bankruptcy. The organization said the pandemic had forced it to cancel its flagship events, leading to a drop in revenues and requiring it to draw on reserves. A bankruptcy filing was expected as soon as Tuesday. NATPE said it will restructure under Chapter 11, and that it still plans to hold its annual conference on Jan. 17-19, 2023, in the Bahamas. “NATPE is looking at all possible options to restructure, including raising funds through strategic alliances, and continue to operate NATPE as a more streamlined and reorganized operation,” the group said in a statement. “For almost 60 years, NATPE has been the leading global professional association for content producers, distributors, developers, streamers and buyers across all distribution platforms. NATPE is optimistic that it will emerge from the reorganization process in the same position.”
NATPE is a nonprofit organization. According to its tax filings, revenues had been on the decline even before the pandemic, from a peak of $9.1 million in fiscal year 2015 to $7.1 million in fiscal 2020, the last year for which a return is available. In October 2020, the organization was sued by its landlord for failure to pay rent on its former office building. The case was resolved the following year. NATPE canceled its in-person conferences in Miami in January 2021 and January 2022, holding virtual events instead. According to the 2020 tax return, the last in-person conference generated $5.4 million in revenue. The group resumed in-person events in June, holding its marketplace in Budapest. At
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NATPE Files for Bankruptcy After Pandemic Event Cancellations
NATPE traditionally holds its flagship conference event in Miami in January, with producers, station owners, syndicators and other major executives in the TV industry attending. But over the past two years, the world has seen a spike in COVID-19 cases in January thanks to new variants of the virus that increase transmission, forcing NATPE to cancel those events.
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NATPE, which has convened annual gatherings of producers, syndicators, station owners and other TV stakeholders for decades, has filed for bankruptcy.
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Kevin Bacon Joins ‘Beverly Hills Cop: Axel Foley’
also star in the third sequel to the 1984 action comedy classic, which follows Detroit cop Axel Foley (Murphy) to Los Angeles, where he gets into trouble investigating the death of a friend.Last week it was also reported that four original “Beverly Hills Cop” cast members – Judge Reinhold, Paul Reiser, John Ashton and Bronson Pinchot – are also joining the cast.The Netflix film, which is currently in production, is directed by Mark Molloy (“Apple At Work – The Underdogs”) and written by Will Beall (“Aquaman,” “Zack Snyder’s Justice League”). Details about Bacon’s role along with plot details are being kept under wraps.Along with Murphy, producers are Jerry Bruckheimer and Chad Oman for Jerry Bruckheimer Films.
Ulta Beauty Fall Haul 2022: Shop The 10 Best Deals on Skincare, Makeup, and Hair Care Up to 50% Off
fall beauty and skincare stock, look no further than Ulta Beauty's Fall Haul Event 2022 — one of the brand's biggest beauty sales of the year that's happening online now through October 1. The annual week-long sale features some of the best beauty, skincare, and haircare products at Ulta.