The ambitious $25 million initiative to launch a second comedy network from Chicago got the hook when a cable network distributor could not be signed. January 2005 had been targeted at the start date for the 24-hour comedy channel.
Standup Comedy Television closed shop in early November and vacated the 17,000-sq. ft studios it had rented at 1115 W. Washington, the building formerly owned by retired tabletop shooter Peter Elliott.
Backers were internet industry pioneers Joseph and Avi Fox, founders of the online brokerage firm, Web Street Inc., which E-TradeFinancial Corp. purchased for $45 million.
The grand plan was to both produce original programming and to tape comedy acts that would be staged in front of live audiences at proprietary Studio Stage comedy clubs in Chicago and three other large cities. A Studio Stage had been constructed in the Washington Blvd. space.
When announcing the network, the Fox brothers said they were confident their $25 million was adequate to float the network. They anticipated additional revenues from Studio Stage ticket sales, advertising on the shows and sponsorships.
Phones are being answered by automatic voicemail and messages left for program director Peter Kimball have not been returned.
