TV Guide Ex-CEO Blasts New Owners

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Scott Crystal, the TV Guide CEO who resigned over the weekend after weeks of mounting tension with the magazine’s new owners, has fired off an e-mail to his former colleagues claiming the current owners are engaged in a “self-enrichment” scheme that will siphon away millions from the money-losing magazine.

And he’s threatening to carry his dispute into court. The e-mail, which one insider described as “a nuclear bomb,” provides his version of the events that led to his sudden departure and accuses investment firm Open Gate of paying itself advisory fees that could amount to millions of dollars a year.

Crystal, who had been with the magazine for six years through three different owners, resigned late Friday. Open Gate Capital Managing Partner Andy Nikou alerted employees over the weekend in a three-paragraph e-mail that also announced that Executive Vice President Michael Clayton was named interim president and that the search for a successor to Crystal had begun.


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