NEW YORK: News Broadcast Network (NBN) has acquired TVN Communications for an undisclosed sum, which includes a "consulting fee" for Steve Gold, TVN's founder.
Michael Hill, president and CEO of NBN, will remain at the helm of the new combined entity, which will have annual revenues of approximately $13 million, 60 employees, and a concentration on healthcare video production - the former TVN's area of expertise.
The company will retain the NBN name. Gold will serve as director of NBN Healthcare - a newly formed group - and in another, as yet undisclosed senior role within the company.
Due to existing lease agreements, the combined shop will maintain two New York offices for the next two years. Staff members will be divided between the offices, with the production staff housed in NBN's current office, and the sales and booking staff based in the offices where TVN resided.
Hill said NBN's pricing structure would stay "relatively the same," but noted radio capabilities and Pathfire access as services that former TVN clients did not have figured into their fees.
He also said there are no plans for layoffs at this point.