Nightly Business Report, purchased in August 2010 by educational video salesman Mykalai Kontilai (Current, Aug. 23, 2010), has now been acquired by private equity firm Atalaya Capital Management, NBR Worldwide announced today (Nov. 16). Atalaya backed Kontilai's deal to buy the show.
Under the new ownership, NBR Worldwide will be led by Rick Ray, founder of Raycom Media. The press release did not specify if Kontilai would continue to be involved with NBR Worldwide, and the deal price was not provided. A press representative told Current that Kontilai and Atalaya would have no additional comments.
The program has had a challenging year. In November 2010, it laid off eight of its 44 staffers. This March, NBR Worldwide hired Paramount Media Advisors to explore options from partnerships to selling the program. In July, the show lost two top managers.
The program also hired correspondents in Houston, Phoenix, Denver and Silicon Valley; inked a broadcast partnership with SiriusXM radio; and secured new studio space at the NYSE.
“When we purchased NBR," Kontilai said in a statement, "we pledged to expand the program through new growth initiatives, while at the same time preserving the tradition of balanced reporting and analysis that has made it the highest rated business television program for the last 30-plus years, and we feel great about sticking with our pledge."
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