NBC Buys Upscale Local Video Network LX.TV
Silicon Alley Insider:
NBC's is acquiring LX.TV, a producer of local entertainment programming for TV and the web. NBC U says LX.TV will form the basis of a new unit called NBC Local Media that will produce cultural and lifestyle programming for local TV stations and web sites around the country. Paid Content pegs the purchase price at about $10 million.
LX.TV started out as Code Networks, an indie producer of broadband content for wealthy urbanites. The founders, former MTV execs Joseph Varet and Morgan Hertzan, left Viacom in 2006 to start company, and launched a number of niche channels on local nightclubs, shopping and restaurants in New York, Los Angeles and other cities. One current video on the site features Mo Rocca interviewing Tim and Nina Zagat. A local real estate show, OpenHouseNYC began airing on New York's WNBC in January 2007.