NBC Local Media Division announced on Monday its acquisition of LX Networks, a producer of local entertainment programming, in a bid to create more local lifestyle content.
The company will become a standalone unit within the Local Media Division and will contribute cultural and lifestyle programming across NBC's local media platforms. Financial details were not disclosed.
The New York-based start-up produces videos on entertainment and culture happenings in and around New York and Los Angeles. Their website, LX TV, was founded in 2006 by former MTV executives Morgan Hertzan and Joseph Varet and was originally called Code TV. The website is directed towards young professionals who
The acquisition follows NBC's launch of NBC Everywhere, a collection of nine out-of-home digital networks targeting specific audiences and lifestyles, in taxis, gyms, arenas and stadiums.
Hertzan will take the position as Senior Vice President and General Manager for LX.TV. Meanwhile, Varet will remain on board as a consultant. The unit will remain based in New York but will expand to include production offices in other NBC local owned-and-operated markets. NBC owns 10 local stations.
This is a significant investment in our Local Media Division, said John Wallace, president of NBC Local Media Division in a statement. The division also includes the NBC owned-and-operated stations and NBC Everywhere.
As we continue to grow our business outside of the traditional television space, one of our priorities has been to increase our local content production, with a particular focus on lifestyle and cultural programming, Wallace added.