TV One announces the recent sale of one hundred per cent of the Company’s stock to a subsidiary of Nortek, a diversified global manufacturer. The sale includes all TV One related, wholly-owned companies in the US, UK, Taiwan and China. TV One will be included in Nortek’s Technology Products segment and closely aligned with Magenta Research LTD. The transaction was completed on April 28th, 2011.
David K. Barnes, TV One CEO, stated, “We recently celebrated our 25th anniversary in the Pro AV industry and have established a record of consistent growth, profitability and product innovation. At the upcoming InfoComm Show, we will launch an entirely new technology and product range that will usher in a new era for TV One. As part of the Nortek family of companies, I look forward to maximizing the opportunities that will take TV One to the next level. I personally look forward to being part of that continuing success.”
“TV One’s combination of its proprietary CORIO scaling technology, unique products and solid growth is a perfect fit with Magenta,” added Magenta Research CEO Keith Mortensen.
Mortensen continued, “The synergy between the two organizations is remarkable and TV One fits nicely into Nortek’s Pro AV strategy. Magenta plans to leverage TV One’s global sales network in order to enhance the market penetration of our products. The recent introduction of Voyager, Magenta’s all-format fiber optic-based signal distribution platform, expands our infrastructure product range significantly and is a perfect match with TV One’s soon-to-launch video processing range.”