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Buddy Roemer firm invests $4 million in Young Turks Network

A firm led by former Republican governor and congressman Buddy Roemer is investing millions into The Young Turks Network to significantly increase its content, sales, and platform presence.

The investment of $4 million, with an option to go up to $8 million, came out of a conversation Roemer and The Young Turks Network founder Cenk Uygur had backstage before speaking at a conference about money in politics last year. The relationship between the conservative Louisiana politician and the founder of the progressive media outlet stemmed from both making the removal of money’s influence on politics their signature issues.

“One thing led to another, and it turns out we’re terrific partners for one another and that’s how it came about,” Uygur, who also has a PAC devoted to campaign finance reform, said in an interview.

In a statement, Roemer said his firm, Roemer, Robinson, Melville & Co., LLC, has been looking for two years to find the best new media platform in which to invest.

“We believe TYT will be one of the critical players moving forward in a new media world — edgy, unfiltered news commentary at its best,” Roemer said. “They are a lot like me, sometimes wrong but never in doubt. We expect their news to continue to push the envelope and their business to grow exponentially.”

Uygur said Roemer’s group will sit on The Young Turks Network’s advisory board but will not have influence over content. The network, which has a popular online news show that once broadcast on Current TV, has just announced that Hulu will carry a 30-minute version of “The Young Turks” and the network’s entertainment show “PopTrigger.”

“People are seeing that online media is a powerhouse and it’s a very logical investment; if you’re at all savvy you can see the handwriting on the wall which is that the audience is obviously going online for video content, and more so even in younger audiences,” Uygur said. “I think whether in media or out of the media business, if you’d like to make money, online video and digital media is a great way to do and I think people are just wising up to that.”

Uygur said the money will mostly be spent on hiring a larger sales team, creating more content, and expanding the number of platforms they currently broadcast on.