The company aims to offer a full multiplatform network with other first-run, long-form content. It was co-founded by Jeff Kwatinetz, former head of talent management company The Firm and an executive producer of USA's "Royal Pains," and former Disney Studios head Rich Frank.
Prospect Park indicated it would engage in aggressive marketing, using traditional outlets as well as online and social media campaigns.
The company, launched in 2009, reached a deal in July with the Disney /ABC syndication arm to continue offering the two soaps after they ended lengthy runs on the network. Prospect Park also operates in film and music.
Prospect Park stated: "With broadband availability in 70% of U.S. households and the proliferation of Internet-enabled televisions, DVRs and wireless devices, ultimately we believe that online distribution provides the best platform to access 30- and 60-minute entertainment content."