TVN FOUNDER STEPS DOWN; FIRM OBTAINS BET.Byline: Jesse Hiestand Staff Writer BURBANK - Pay-per-view programmer TVN TVN Televisión Nacional de Chile (Chilean official TV network) TVN Televisora Nacional (Panamanian TV Network) TVN Total Volatile Nitrogen TVN Telewizja Nowa (Polish TV network) Entertainment Corporation announced Tuesday that it has restructured its management and financing to be better positioned for new markets for its movies, sports and special events. Company founder and Chairman Stuart Z. Levin lev·in n. Archaic Lightning. [Middle English levene, levin; see leuk- in Indo-European roots.] stepped down Tuesday. ``I'm privileged to have led TVN through a remarkable 14 years during which the satellite, cable and, now, digital distribution services for content delivery have substantially evolved,'' Levin said. Levin plans to continue advising the company, which serves 600 cable systems and reaches more than 50 million households in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with shows, infomercials and advertisements licensed from studios and other companies. Levin's replacement has not been announced and the company will continue to be run by President and Chief Executive Ian Aaron, who was hired in August. TVN said it has secured $23 million in new funding and converted $166 million of high-yield debt In finance, a high yield bond (non-investment grade bond, speculative grade bond or junk bond) is a bond that is rated below investment grade at the time of purchase. to equity in a restructuring with its principle shareholders, which include Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. & Co. Inc. and Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . ``In market conditions like these it's a real testament to our shareholders' confidence in the platform and our management,'' Aaron said. By being fully funded, the company will be able to expand its services as cable companies increase channel capacity and as new markets for video emerge on platforms such as speed Internet service, he said. Company officials also say the fully digital studio installed three years ago is ready to transmit movies to theaters over fiber optic and satellite connections as Hollywood pursues alternatives to shipping prints of the films. TVN also said Tuesday that it bought BET's Action Pay-Per-View channel from Avalon Pictures Inc. Terms were not disclosed. Bob Johnson Bob Johnson may refer to:
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