The Young Turks Network, a Los Angeles, CA-based network offering a large online news show, raised $4m in seed financing.
It also has an option to go up to $8m from Roemer, Robinson, Melville & Co., LLC (RRM).
The company intends to use the capital to fund the network’s expansion in 2014 and beyond onto other platforms such as over-the-top devices, local television and international syndication deals and build its sales team, upgrade technical infrastructure and create more shows.
Led by CEO and co-founder Cenk Uygur, The Young Turks Network has created The Young Turks, a large online news show covering politics, pop culture and lifestyle, with more than 1.3 billion total views and 38 million views per month. The company includes What the Flick?!, TYT University, TYT Sports, TYT Interviews and The Point (on Town Square, a YouTube original channel), as well as new shows and channels, including PopTrigger, Nerd Alert and TYT Comedy generating over 68 million views per month through its YouTube channels and recently announced deals with Hulu to host a 30-minute version of The Young Turks and the network’s entertainment show PopTrigger.
The network was also a launch partner channel with Pluto.TV.
The company recently completed an Indiegogo campaign that raised over $420k exceeding the target goal of $250,000, to fund the build out of its new studio, allowing the network to produce more shows and channels.