Less than six months after The Young Turks Network (aka TYT Network) raised over $400,000 from its fanbase to build a new studio, the internet’s “fiercely” independent news source and burgeoning YouTube multi-channel network has received another influx of cash.
TYT Network announced today it’s raised $4 million (with an option to go up to $8 million) from Roemer, Robinson, Melville & Co., LLC (aka RRM), a private equity fund led by 2012 Republican, American’s Elect, and Reform Party presidential candidate and former Louisiana Governor and Congressman, Buddy Roemer.
“We believe TYT will be one of the critical players moving forward in a new media world – edgy, unfiltered news commentary at its best. They are a lot like me, sometimes wrong but never in doubt,” said Roemer in the release. “We expect their news to continue to push the envelope and their business to grow exponentially.”
It may come as a surprise for fans of The Young Turks to see their newsource that prides itself on independence take cash from an entity with direct ties to a political figure with seemingly disparate political views and orientations, but TYT Network CEO, co-Founder, and frontman Cenk Uygur notes the two companies may have more in common than you think.
“The Young Turks and TYT Network have long been a source of independent news and politics for our millions of fans,” said Uygur in the release. “While we don’t necessarily agree on politics, Buddy and TYT both understand money’s damaging influence on our government. Buddy and RRM support TYT Network’s mission to bring our viewers the unrestricted truth and analysis of the world’s news – from politics to movies, pop culture, sports and more.”
Roemer and Uygur do more than “understand money’s damaging influence on our government.” Roemer’s The Reform Project and Uygur’s super political action committee, Wolf-PAC have made “the removal of money’s influence on politics their signature issues.”
The Young Turks Network has come a very long way since it’s flagship news program premiered on Sirius satellite radio back in 2002. That program alone boasts over 1.5 million YouTube subscribers and 38 million monthly views, adding to its network’s aggregate total of more than 68 million views per month across will use its aggregate 68 million views per month across no less than eight separate programs.
Expect Uygur and company to leverage that massive fan base and use its newfound $4 million in cash to not only combat money’s place in politics, but to continue the distribution of TYT Network programming beyond YouTube, expand TYT Network’s growing library of shows, and build and upgrade the company’s salesforce and technical infrastructure.