Sí TV Raises $24 Million


Sí TV has raised an additional $24 million in a combination of equity and debt financing transactions.
The equity investments came from the network's existing investor group, according to Si TV CEO Michael Schwimmer.
He said the proceeds will support growth initiatives, including the allocation of some of the procees for further investment in the creation and acquisition of programming aimed at network's target American Latino audience.

Last August, the independent network raised about $8.75 million in funding through a private stock offering, according to a Securities and Exchange Commission filing, which indicated that the network also was looking to raise $14.7 million in Series B preferred shares.

The company was founded in 1997 by writer/producer Jeff Valdez and entrepreneur Bruce Barshop as a production company to develop, produce and distribute original English-language, Latino- themed entertainment. The network launched in 2004 and received more than $60 million in initial funding from investors including EchoStar Communications Corp., Time Warner Inc., SYNCOM Funds, Columbia Capital, Rho Ventures, DND Capital Partners, Llano Partners and company co-founder Barshop Ventures.

Last month, Sí TV announced that Javier Saralegui, who served as president and COO of Univision Online and president of Galavisión for a combined 20 years, had joined the Sí TV board.