NuvoTV Raises $40M for New Programming8/28/2012 8:00 AM Eastern
NuvoTV, a cable network targeting Latino viewers with English-language programming, says it has raised $40 million in new financing that it will use to develop new original content.
The added funding comes from Columbia Capital and Rho Capital Partners, which were investors when the channel started up in 2004, plus Veronis Suhler Stevenson and Tennenbaum Capital Partners. Time Warner and Dish Network are also small investors in the channel, which is independent, with no single entity holding a controlling stake.
"The money is dedicated to really doubling down on programming," said Michael Schwimmer, CEO of NuvoTV. While the channel's financials are private, Schwimmer said, "We don't need the cash to pay our bills. It's growth capital and that capital is simply to create better programming and more programming."
NuvoTV sees a growing number of Latino viewers who want programming in English. "When the 2010 Census came out, everybody realized that the real growth in this critical demographic in our country is the U.S.-born Latino," he said. "We operate in the sphere of the Latinos who spend the majority of their time watching television in English. And when you look at the data what you find is that English-dominant Latinos that represent something like 40% of all Latinos in America and watch something like 90% of their programming in English."