Next New Networks raises $15 mil


NEW YORK -- Herb Scannell's Next New Networks said Wednesday that it has raised $15 million, led by Goldman Sachs and Velocity Interactive Group. Spark Capital, Saban Media Group and former AOL exec Bob Pittman, who all have previously invested in the company, also contributed to this round of financing.

The company also said Wednesday that it had secured distribution through Time Warner's AOL. Next New Networks was co-founded last year by Scannell, the former vice chairman of MTV Networks and president of Nickelodeon Networks, and it features video sites focusing on fashion, politics, comic books, cars and other niche subjects. Velocity's partners include former Fox Interactive Media president Ross Levinsohn and former AOL CEO Jonathan Miller.