NuvoTV, the English-lingo cable network aimed at bicultural Latinos, has raised $40 million from new and incumbent investors.
New coin comes from early investors Columbia Capital and Rho Capital Partners as well as new backers including Veronis Suhler Stevenson and Tennenbaum Capital Partners. It comes as NBCUniversal, Fox, MTV and others are plowing more resources into reaching domestic Hispanic viewers as the population grows.
“This is the biggest injection of capital into NuvoTV since it was founded in 2004,” NuvoTV CEO Michael Schwimmer told Variety. The cabler, founded as Si TV by producer Jeff Valdez, was rebranded as NuvoTV last year. It’s available in 30 million homes.
New coin is geared towards expanding of NuvoTV’s original programming aimed at the growing young Latino population that is steeped in mainstream U.S. culture as well as their Hispanic heritage.
Current programming is comprised of reality, music, lifestyle and talk shows as well as acquired pics. The new money enhances their opportunity to pursue original scripted programming, Schwimmer said.
“We’re looking for that unique hit show and that’s what this investment is all about,” Schwimmer told Variety.
NuvoTV has generated some buzz for its docu-reality skein “Fight Factory” which explores the world of top Latino MMA fighters. Three more new shows, “Mario Lopez One-on-One,” “The 7 of Clubs” and “Curvy Girls,” are debuting in the fall. Its signature program “Model Latina” is on its fifth season.
The network recently produced and aired town-hall style program “We Decide: Latinos and the 2012 Election,” which delved into how the presidential candidates are addressing the issues facing U.S. Latinos. Hosted by “Today” anchor Natalie Morales, the program was produced through a partnership of NuvoTV and NBC News’ Peacock Prods.