On the Scene will offer stock option to 40 employees

LOS ANGELES: On the Scene Productions, a provider of SMTs, VNRs and electronic press kits, today announced that it has begun transferring 50% of company ownership to its 40 employees as part of an employee stock ownership plan (ESOP).

LOS ANGELES: On the Scene Productions, a provider of SMTs, VNRs and electronic press kits, today announced that it has begun transferring 50% of company ownership to its 40 employees as part of an employee stock ownership plan (ESOP).

LOS ANGELES: On the Scene Productions, a provider of SMTs, VNRs and

electronic press kits, today announced that it has begun transferring

50% of company ownership to its 40 employees as part of an employee

stock ownership plan (ESOP).



Until now, the 16-year-old company was jointly owned by president Sally

Jewett and EVP Stacie Hunt. On the Scene generated more than dollars 10

million in revenue in 1999.



’The company has grown an average of 15% per year for the past eight,’

said Jewett. ’This was the best way for us to grow without jeopardizing

the company’s culture with a sale.’ Jewett also noted that the ESOP will

enable On the Scene to more effectively compete for talent with the

pre-IPO dot-coms offering stock options.



On the Scene claims to be the first company in the electronic

communications field, which includes such competitors as DWJ and Orbis,

to offer an ESOP plan. And while the idea may be gaining steam among

mid-sized businesses around the country, it’s still relatively uncommon

in the agency world.



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