The news, which was reported first by Cycling Weekly, follows the resignation of Bike Channel CEO and former Scripps Networks Interactive executive Filippo Ubaldini at the end of July.
In a statement to Cycling Weekly, administrators FRP Advisory said: “Bike Media has created a loyal following across a range of specialist cycling communities, but despite the growth in viewers to Bike Channel across broadcast networks, the business had faced pressure on working capital.
“Attempts to obtain new investment via a sale of the business did not materialise and, with unsustainable pressure on cash-flow, the directors were left with no viable option other than to seek the protection of administration.”
Parent company Bike Media launched Bike Channel in the UK in 2015 and the channel was available on Freesat, Virgin and Sky. Bike first launched as a channel in Italy in 2012.
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19 October 2020 @ 12:30:00 UTC