Chyron Acquires Axis Graphics for $3 million
Chyron, the Melville, N.Y. firm specializing in graphics for broadcast television, has acquired New York-based Axis Graphics for $3 million in cash and stock. Chyron will leverage the online graphics capabilities of Axis to create Chyron Online.
Chyron Online provides a series of Web-based custom services tailored for the brands for their various clients. Options will include high-resolution maps, real-time weather displays, 3D charts and graphs, financial quotes and tools for the creation of new graphics.
Chyron CEO Michael Wellesley-Wesley said the service launched with 150 TV station clients, plus it opens up new markets for the company among newspapers, radio stations, cell phone service and other digital media platforms.
Under the purchase agreement, Chyron acquired assets and liabilities of Axis for $1 million cash, $1 million in restricted common stock resulting in the issuance of 195,313 shares, and a $1 million debenture due Dec. 31, 2008.