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Jennifer Lopez Buys Into NuvoTV Cable Network

Jennifer Lopez, the actress-singer who put her cross-cultural appeal to use in movies such as “Selena” and “Maid in Manhattan,” is joining NuvoTV, the English-language cable network aimed at Latino viewers.

Lopez, 43, and her Nuyorican Productions will contribute programming, work on strategy and assist in marketing the eight- year-old channel, she said an interview. In exchange, she will receive a minority stake, according to an e-mailed statement that didn’t disclose other financial terms.

“I’m going to be a creative executive and part owner who will be very involved with every aspect of the network,” Lopez said. “Development, production, marketing, I’ll be involved on every side of it so we hit all the right points.”

With Lopez, Los Angeles-based NuvoTV gains a well-known personality to help position the network to stand out as bigger media companies, including Walt Disney Co.(DIS), Univision Communications Inc. and Comcast Corp. (CMCSA), begin targeting the same growing audience. Lopez’s involvement will extend to meeting with advertisers and pay-TV operators to expand distribution, Chief Executive Officer Michael Schwimmer said in an interview.

“Jennifer wants to be helpful, to grow the business,” Schwimmer said. “She is coming in as a business partner. To the extent she can be helpful growing distribution or advertising relationships, she will chip in where appropriate.”

Purchasing Clout

There are more than 52 million Latinos in the U.S., and the group will represent the majority of the country’s population growth in the next five years, according to an April report by researcher Nielsen. Latinos’ buying power of $1 billion in 2010 will jump 50 percent to $1.5 billion by 2015.

NuvoTV said last month it raised $40 million from current investors Columbia Capital LLC and Rho Capital Partners Inc. and new investors Veronis Suhler Stevenson LLC and Tennenbaum Capital Partners LLC.

The money will be used for new shows and marketing, much of which will support Lopez’s efforts

Read more: Bloomberg

 

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