BN Media is the investment group behind long-distance services company Affinity4 and religious online video operator Cross Bridge Media, according to a Belifnet memo written by Beliefnet GM/COO Beth-Ann Eason (which is embedded below). Beliefnet has had existing relationships with both those entities.

In the past, Waldman said he and co-founder Bob Nylen, who died in 2008, had the idea to form the site because they felt that people of faith weren’t fully served in the social net space. As the site grew from an idea to reality, Beliefnet scored an undisclosed angel round. It later raised $7 million in funding from Softbank Capital.

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Everyone,

This afternoon we are announcing that Beliefnet has been acquired by BN Media, LLC, which is the investment group behind Affinity4 and Cross Bridge Media, companies many of you know due to our successful working relationships with them over the past year.  This course of events begins a new chapter for Beliefnet, and it’s one that I am confident will enable us to continue our growth and prosperity alongside an organization that is so well-versed in our category and committed to our mission of being the leading provider of inspiration and faith-based content in a multi-faith environment.

For those of you who aren’t familiar with these companies, Affinity4 is an affinity marketer that has raised more than $76 million in funding for charities, ministries and other nonprofit organizations by turning ordinary activities into extraordinary giving.  Cross Bridge features online distribution and monetization of audio-video content for nonprofits and ministries. Steve Halliday, who runs BN Media, will visit our offices to address our team and share more about his vision for our company on Monday.

We have also taken the difficult step of cutting a number of jobs from Beliefnet’s staff.  We are losing a number of great people, each of whom has contributed to our success over the years, and I hope you will join me in thanking them for their efforts and helping them through this transition.  These cuts were a necessary step to ensure Beliefnet can continue growing as efficiently and effectively as possible.

We will be meeting on Monday with management from the acquiring company, and we look forward to beginning this new chapter with all of you.

Thank you.
Beth-Ann