NEW YORK — Former NBC network prexy Ray Timothy has quit Furman Selz to start a new firm, Salem Partners, concentrating on companies at the smaller end of the media and entertainment industry spectrum.

Along with Furman Selz VP Stephen Prough and Gerard Klauer Mattison banker John Dyett, Timothy formed Denver-based Salem last month. Timothy will continue to be based in New York.

The group says say it plans to focus on strategic advice and capital-raising for companies considered too small for most Wall Street firms, which the group broadly defines as companies valued below $500 million. Potential clients may come from music, cable programming, the Internet and TV syndication, the trio says.

Timothy spent 35 years at NBC before joining Furman Selz in 1989. Prough joined Furman in 1992, and Dyett had been at GKM since 1995.

au: Martin Peers

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