Multi-platform entertainment programmer LX.TV has been acquired by NBC’s Local Media Division. LX.TV began producing hi-def programming for NBC Universal’s (NYSE: GE) WNBC last January. The company will become a standalone unit within the Local Media Division and will produce “cultural and lifestyle programming” across the group’s local media platforms.
Former MTV execs Joseph Varet and Morgan Hertzan founded the local entertainment company as Code.TV, a broadband channel for young, affluent urbanites, in 2006 with funding from family and friends. While no one is talking money, we hear the deal could be worth about $10 million, not a huge hit but a more than decent exit. (In response to a query I just got, “could be worth” is the key—not saying they got $10 million cash.)
As part of the deal, Varet, the CEO, will be a consultant during the transition while Hertzan will be SVP and GM for LX.TV. The unit will remain NYC-based but will expand to include production offices in other NBC local owned-and-operated markets. NBC owns 10 local stations.
Part of LX.TV’s appeal to NBC Local Media is its out-of-home use—for instance, NYC taxis—at a time when NBC is expanding its out-of-home reach and advertising efforts. NBC Local Media just announced another new business unit: Everywhere, to focus on that growing market.
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