Plum TV, the lifestyle cable television network that abruptly went bankrupt last year, is expected to see some kind of revival this spring under new ownership.

Joseph Varet and Morgan Hertzan, founders of LXTV, announced this week that they had agreed to buy Plum, which in the past aimed its programming at affluent viewers in eight markets across the country, including the Vineyard. The purchase agreement follow a bankruptcy auction in the southern district of New York; a press release issued this week said the two owners will serve as co-presidents, one based in New York, the other in Los Angeles. The new ownership group said it planned to focus programming on home, travel, food and wellness. “We plan to rapidly grow Plum TV’s distribution via digital, television, and out-of-home media,” said Mr. Varet in a press statement.

According to records filed with the U.S. Bankruptcy Court, the new buyer paid $1.17 million in cash and will assume secured debt of about $14 million, in part by making debt-holders equity partners in the new venture.

In January, three months after abruptly shuttering operations on the Vineyard and laying off much of its staff nationwide, Plum filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

At the same time, the company said it had reached a deal to sell its assets to a group of media investors, pending a court-supervised auction. That deal, which included a $1 million loan to the distressed cable network, was eclipsed by the auction process which resulted in the LXTV founders emerging as higher bidders.

Founded in 2002 by Tom Scott, Plum TV at its peak operated cable channels designed to attract high-end advertising on the Vineyard and in seven other upscale vacation destinations and had begun to publish glossy magazines in several of its markets. Shortly after Labor Day last year Plum laid off about 50 employees across its markets including the entire Vineyard staff, in what was called a major restructuring.