An apparatus, system, and method is directed to transcoding broadcast content, such as in a DVB, ATSC, and MPEG based network, to secure content suitable for an Internet Protocol (IP) based network. In one embodiment, a single multifunctional convergence appliance is employed to enable such transcoding actions as encryption, encoding, and/or encapsulation. For example, in one embodiment, an MPEG transport stream associated with the broadcast content may be transcoded to an IP-based transport stream. In addition, the transport stream may be decrypted, transrated to another rate, and re-encrypted using a different control word for re-encrypting, but a same service key to encrypt the different control word. The system is also enabled to transcode content formatted for the IP-based network to a content format suitable for the broadcast network.