Originally created 10/17/01

Co-founder resigns from Golf Channel



ORLANDO, Fla. -- Joseph E. Gibbs, who formed The Golf Channel in 1991 and launched it four years later with Arnold Palmer as his partner, said Tuesday he would resign at the end of the year as president and chief executive officer.

"Conceiving and building The Golf Channel ... has filled 10 years of my life with some of the greatest memories anyone could have," Gibbs said.

He will be succeeded as president by chief operating officer David Manougian.

Launched in January 1995 amid industry doubts that it could survive in the market, The Golf Channel has steadily grown into a popular cable network that features one-on-one interviews with top players, a news show, instruction and telecasts of professional tours around the world.

It is expected to reach more than 45 million subscribers by the end of the year.

The Golf Channel broke even within four years of operation, and said its profitability is in the top five of cable outlets.

Comcast Corp. acquired majority interest last year and now holds 92 percent ownership in The Golf Channel, with the remainder held by Tribune Media Inc.

Gibbs will remain in Orlando and has formed Gibbs Investments L.L.C., a venture capital company.