Roemer's private equity fund, Roemer, Robinson, Melville & Co., is providing $4 million in seed financing with an option to go up to $8 million, which the network plans to use to expand its reach through Internet streaming, local television and international syndication deals. ...Uygur, who briefly had a show on MSNBC, now broadcasts The Young Turks on YouTube, where his shows have had more than 1 billion views, according to Upstart Business Journal. Though Roemer is a Republican, he ran his 2012 presidential campaign as an outsider, trying to appeal to disaffected voters across the political spectrum. More on the story in Politico, which reports Roemer will sit on the channel's advisory board, but will have no influence over content.
Uygur and Roemer, who made an unsuccessful run for the 2012 Republican presidential nomination, said they were aligned in their opposition to the influence of money in politics. Roemer is chairman of the Reform Project, a nonprofit organization that pushes for campaign finance reform.
"While we don’t necessarily agree on politics, Buddy and TYT both understand money’s damaging influence on our government," Uygur said in a statement.
Roemer said his firm had been looking for a "new media" outlet to invest in for two years. “We believe TYT will be one of the critical players moving forward in a new media world," he said in the statement. "They are a lot like me, sometimes wrong but never in doubt."