The consulting firm Public Media Co. is reorganizing with the spinoff of its Public Media Venture Group into a new nonprofit, which will also be affiliated with a new public benefit corporation.
Marc Hand, who co-founded PMC 18 years ago as a consultancy to assist in station-acquisition deals, is becoming CEO of Public Media Venture Group, which will become independent. PMVG, launched in 2017, is a group of 31 public TV stations exploring the mission and revenue potentials of ATSC 3.0, the broadcast protocol also known as Next Generation TV.
Erik Langner, who rose to PMC president in December, will become president of a new public benefit corporation “under development that will be affiliated with PMVG,” according to an announcement Tuesday. The announcement did not include details about the corporation. PMC executives were not available for comment.
The announcement said that Hand and Langner’s organizations will contract with PMC “to carry out mission-based projects and services.”
PMC CFO Erin Moran will serve as PMC’s interim president. Moran has worked at PMC for more than 17 years, managing operations and lending activities.
PMC has facilitated more than $381 million in public media station acquisitions.
Correction: An earlier version of this article said that PMC is reorganizing into three organizations. It is reorganizing into two organizations. The new public benefit corporation has no prior affiliation with PMC.
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