PRINCETON, N.J. — A group of Triveni Digital employees has joined together to buy LG Electronics’ stock in the company, thus establishing a majority ownership position. The transaction, which closed in late February, makes Triveni Digital a fully independent company. Terms were not disclosed.
As part of the buyout agreement, Triveni Digital will continue to develop technologies for LG Electronics’ industry-leading hospitality TV business.
“A key area of focus that we’ll address at next week’s 2013 NAB Show is how Triveni Digital plans to help local broadcasters further exploit their infrastructure assets to earn new revenues from their news and other local content,” Triveni president and CEO, Mark Simpson said. “While we look forward to working with LG in the future, our independence will enable Triveni Digital to pursue new funding sources and partnership initiatives in order to implement our new business strategy. We expect to take a leadership role in helping local media providers generate new forms of revenue and enhance their service offerings, while partnering with many others in the industry on these initiatives.”
Since it was founded by LG in 1997, Triveni Digital has provided metadata management, advanced content distribution, and video quality assurance systems for the broadcast, cable, telco, and IPTV industries. Leveraging deep experience in advanced digital media technologies and leadership roles in organizations such as ATSC and SCTE, Triveni Digital products set the industry standard for reliability, ease of use, and value.
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