distributed African-American-oriented films. In late August 2006, it was announced that TWC and co-investors Hubbard Media Group purchased Ovation TV, an arts-focused cable channel. On November 17, 2006, TWC announced a three-year deal with Blockbuster Video to give the video renting company exclusive rights for rentals starting on January 1, 2007. However, under the First Sale Doctrine of United States copyright law, other rental companies are able to rent copies of the company's movies purchased at retail. The company is the co-producer, along with Miramax, of the Lifetime reality series Project Runway, which for its first five seasons aired on Bravo. The series won a Peabody Award in 2007. On May 23, 2007, the Weinstein Company announced the launch of three new direct-to-video labels: The Miriam Collection, Kaleidoscope TWC, and Dimension Extreme. On February 8, 2008, TWC launched a distributor called Third Rail Releasing that released films aimed mainly at the home video market. On September 25, 2008, TWC ended its three-year distribution pact with MGM three months before the December 31 end date. This happened in part because TWC had struck a television output deal with Showtime, though not through MGM's output deal with them. During the span of their pact, TWC paid for marketing and prints, while MGM received a distribution fee for booking theatres. Financial restructuring On June 5, 2009, the Weinstein Company announced the hiring of a financial adviser to restructure the finances of the company. After July 2009, many layoffs occurred at TWC, and the release dates of some films were pushed back. On September 14, 2009, TWC sold its stake in Genius Products, which served as TWC's home video distributor from 2006 to 2009. Genius, however, had announced to exit the home video distribution business and the DVD rights that were distributed by Genius were sold to Vivendi Entertainment. TWC also struck a deal with Vivendi. The same year, it won a Peabody Award for The No. 1 Ladies' Detective Agency. On January 13, 2010, TWC announced more layoffs at the company after the box office failure of Nine. On February 21, 2010, the Weinstein Company made a deal with Sony Pictures Home Entertainment releasing the DVDs through Sony Pictures Worldwide Acquisitions Group. Bob and Harvey Weinstein attempted to buy back Miramax from Disney in 2010, but the attempt was unsuccessful. An ownership interest in TWC's library, at that point consisting of 200 titles,