Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) is renaming its Broadcast and Media Services segment to Red Bee Media, effective November 9, 2017. The new brand identity and name will apply to all of company’s Broadcast and Media Services operations worldwide. Going forward, Red Bee Media will be an independent entity fully owned by Ericsson with presence in Germany, the Netherlands, Australia, France, the UK, United Arab Emirates, the U.S., Spain and Sweden.
Steve Nylund, the CEO of Red Bee Media, expressed that they looked at not only their strategy and vision for the future but also what they, as a business, now represents. The brand has a rich heritage and long in media and TV and is well known across the industry. Adopting this brand will allow then to strengthen their position as an agile and independent media services organization. It will offer the basis for their business, their clients and their people to fuse around a shared identity that signifies their purpose, values and brand positioning.
Red Bee Media is a major provider unit of broadcast and media services. It is based in the UK and employs nearly 2,500 media and broadcast specialists internationally. The comprehensive services portfolio of company spans media management, access services, content discovery, playout, OTT and many other.
Ericsson first ventured into the media services business back in 2007 and then grew the business organically as well as through acquisitions. Earlier this year, the company showcased a focused business plan to revitalize market leadership and technology, improve group profitability and allow customer success. This includes evaluating strategic prospects for the firm’s media businesses while continuing to advance solutions to allow the businesses to succeed and scale in the growing media landscape.
In the last trading session, the stock price of Ericsson declined more than 4% to close the day at $5.99.