MTV Networks has sold the first and only 24-hour pan-Caribbean cable network in the region. Tempo, which was launched in Barbados in November 2005, will now be owned exclusively by a group of investors headed by its founder Frederick A. Morton Jr. Morton has seized the opportunity to purchase Tempo, as this will guarantee him, as chairman and chief executive officer, exclusive ownership of the creative and distributive operations of the channel. There was apparently no great need for MTV to sell, but the network felt the station had matured and proved itself independent with the right leadership to carry on doing well. MTV will, however, still hold the licensing contracts for some of Tempo's programmes.

Huge benefits expected

Morton founded Tempo while he was employed at MTV Networks, and his principles and business strategies are expected to benefit hugely from this new deal. A press release from Nancy Hirsch Group, the public relations company representing Morton has confirmed that even though the terms of the deal, which closed on November 2007, were not disclosed, Tempo's mission to elevate the image of the Caribbean through music and culture will continue to be enhanced.

Since its 2005 launch, Tempo has obtained distribution in 25 islands, reaching nearly 400,000 households and an estimated 1.6 million viewers, and has brought strong cultural vibes throughout the region. Tempo has brought the islands together with the celebration of common music and lifestyle.

Morton, a Caribbean national, has thanked MTV for providing the foundation from which to launch Tempo Cable Network, and extends his appreciation to the Caribbean for embracing his brainchild. Tom Claderone, executive vice-president and general manager at VH1, who helped to launch Tempo has said, "We are proud of the tremendous strides that Tempo has taken in such a short time, and wish Frederick and everyone at the channel continued success."