Digital-Media Start-Up, Next New Networks, Gets Venture Funding
The Wall Street Journal, January 04, 2007
By Wall Street Journal Staff Reporter
January 4, 2007
A digital-media start-up headed by former MTV Networks Vice Chairman Herb Scannell has raised $8 million from venture-capital firm Spark Capital.
The start-up, Next New Networks, aims to create specialized video programming for narrowly targeted Internet audiences.
Mr. Scannell was credited with helping to establish Nickelodeon, part of Viacom Inc.‘s MTV Networks, as a major force in children’s television. He left Viacom a year ago. In an interview, he said: “The real audience that is coming alive on the Internet are these smaller communities, and television doesn’t really drill down that deep.”
Next New Networks expects to launch a couple of new networks within the next two months, offering ad-supported programs that also will be available on video-sharing sites such as YouTube.
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