Optimistic faces bleak future

Optimistic Entertainment has gone into administration, despite efforts to refinance and restructure the company.

The company said though it had talks with potential investors and purchasers over the past few months, none of these were able to support a restructuring of the group.

Adverse media coverage of the participation TV sector, along with regulatory investigations, has significantly impacted on consumer confidence towards audience participation within its shows.

The TV and radio production arm, Optimistic Media, which was making a profit earlier in the year, has moved back into loss. Optimistic Media was behind participation and entertainment shows like Pop Up, The People Show and Celebrity Soup.

The administrators have agreed a sale of Optimistic's assets to Fluorescent Media Ltd, in which Optimistic's chairman and chief executive Jasper Smith has a stake. Reports suggest this move will save the jobs of employees within the business.