Crisis talks at Iostar following Airey's exit

The future of media group Iostar is uncertain following the departure of chief executive Dawn Airey this week.

The board of the company, chaired by former UKTV boss Dick Emery, has been holding a series of crisis talks, with some reports suggesting Iostar was now developing into a "venture capital player" rather than a investor in content.

Airey, who stepped down on April 23 over a "significant breach of contract," is said to have had doubts over the company's funding and overall vision.

Broadcast reports that Iostar executive and Marketing Week founder Tim Carron Brown was responsible for raising money from investors, and had repeatedly assured board members it would be available by April 13.

Iostar had claimed it wanted to become one of the world's leading content distributors and producers. It launched its distribution arm, featuring three Stephen Fry-fronted documentaries, at the recent MipTV festival in Cannes.