College Sports Television added to its coffers last week, securing about $37 million in new equity financing.
CSTV, which recently inked a distribution deal with Comcast Corp., said it received a $25-million investment from JPMorgan Partners, the private equity arm of JPMorgan Chase & Co., and $12 million from The New York City Investment Fund and several existing CSTV investors, a group that includes Constellation Ventures, Allen & Co. and The Coca-Cola Co.
“This is a vote of confidence from deep-pocketed investors,” CSTV CEO Brian Bedol said. “We’re going to continue what we’ve been doing: Acquiring and developing more programming, expanding the reach of our marketing efforts and building on various technological platforms.”
CSTV obtained $9 million and $35 million in respective earlier funding rounds.
Bedol said the current funding wasn’t contingent on closing the Comcast deal.
As for its pact with the nation’s largest cable company, Bedol said digital rollouts would begin in a number of Comcast markets over the next 30 days: Portland, Ore.; San Francisco, Oakland and San Jose, Calif.; and Baltimore. Chicago and South Bend, Ind., are on tap for launches by Oct. 1.
CSTV counts some 8 million subscribers and is available to about 30 million homes, a total that could reach 35 million to 40 million by year-end.