CSTV Obtains $37M in Financing

Aug 11, 2004  •  Post A Comment

College Sports Television on Wednesday said it has secured $37 million in new financing, including contributions from a pair of new investors.

CSTV said the financing included a first-time $25 million investment from JPMorgan Partners, the private-equity firm controlled by banking giant JPMorgan Chase. In addition, previous investors Constellation Ventures, Allen & Co. and the Coca-Cola Co., along with first-time investor New York City Investment Fund contributed another $12 million.

While CSTV did not disclose what the funding would be used for, the company is in the midst of beefing up its distribution as well as exploring ways to deliver content over emerging platforms such as broadband, video-on-demand and telephony.

Already, CSTV has distribution agreements with Comcast, DirecTV Group and Time Warner Cable and presently is available in 52 million households nationwide.