VIRGINIA BEACH — The city’s Development Authority approved a $40,000 Economic Development Investment Program grant Tuesday for online media company BN Media, LLC for 28 retained jobs and five new jobs with average salaries of $85,000, excluding benefits.
Founded in 2010, BN Media Associates moved its corporate headquarters to Virginia Beach in 2016. In addition to buying a building of just over 10,000 square feet at 2037 Laskin Road for $1.8 million, owners invested $553,000 in equipment and added another 15 new positions and received an EDIP grant for $45,000 based on its capital investment. The company satisfied the terms of that grant in March 2017, Development Authority officials said.
“Small businesses like BN Media are such a great success story for our city,” said Taylor Adams, the city’s economic development director. “Fostering entrepreneurship is front and center of what we’re about and this company’s growth over the last nine years demonstrates how small investments reap big rewards.”
In 2018, a Utah-based media company bought several divisions of BN Media Associates and sought to move it to Utah. Economic Development staff worked with the company and the result was retaining the business in Virginia Beach along with a commitment to grow by adding another five new full-time employees to the existing 28-person workforce, Economic Development officials said.
“The talented labor force, convenient location, and business friendly atmosphere have made Virginia Beach a great place to grow our business for a number of years,” said Jeremy McGee, president BN Media. “As we embark on a new season of growth and expansion, we are excited to renew our commitment to this area for the years ahead.”