Gov. Bill Richardson of New Mexico may have lost a chance this week to be Secretary of Commerce, but he gained a TV network with Minnesota ties. ReelzChannel, the film-focused cable outlet owned by Twin Cities-based Hubbard Media Group, will relocate its headquarters to Albuquerque in early 2009. Operations are currently split among the Twin Cities, Los Angeles, Chicago and New York.
"New Mexico is the ideal home," ReelzChannel Chairman Stan E. Hubbard said, citing the state's "bustling movie growth, its highly skilled and creative talent pool, and the opportunities to streamline operations." Hubbard Media also owns a station in Albuquerque, KOB-TV.
New Mexico, which has picked up the nickname "Hollywood Southwest," hosts 30 film festivals and has attracted such major movie productions as "No Country for Old Men," the "Transformers" sequel and the latest Indiana Jones romp. A big factor is the state's 25 percent tax rebate for film and TV production expenditures -- an incentive for ReelzChannel.
Richardson called the move "a testament to the hard work we've put into making our state a world-class production destination. We look forward to growing that reputation through this new partnership."
Launched in 2006, ReelzChannel reaches 43 million households but, like most media companies, has struggled for advertising. Last month, it laid off 40 of about 200 staffers.
Hubbard said that he and 14 other people now working in the Twin Cities will transfer to New Mexico. He predicted that the channel will be profitable by 2011.
NEAL JUSTIN
