Incepta's US-based event management division, Citigate Broad Street, with which Citigate Broadcast was merged last year, said it had shut down the London studio and sold all its equipment.
Incepta is estimated to have invested more than £1m in Broadcast, set up in 2000. The move, which follows the company's merger with Huntsworth in May, means that only the London Stock Exchange has live broadcast rooms and production staff for hire in the Square Mile.
Broad Street has a 60-strong US broadcast practice based in New York and Boston, and CEO Adam Selig insisted there had been no redundancies Stateside. In its heyday the Citigate Dewe Rogerson division provided production for Prudential's 'The Plan from the Pru' campaign and media relations material for Sainsbury's Bank.
'We merged with Broadcast in the hope of making the practice independently profitable,' Selig said. 'But the growth in the business was not going as well as it should have.'
- CDR director Andrew Robinson has been made redundant. The former London boss of Broadcast could not be reached for comment.
Jonathan Clare, the chief executive of CDR, declined to comment.