Vme Media Gets Needed Cash

Vme Media Inc. is announcing on Thursday that a group of
high-profile Venezuelan investors are committing a "major investment"
in the struggling Spanish-language TV network.

Venezuela-born investors Eduardo Hauser, Juan José Rendón
and Eligio Cedeño this week finalized a deal to invest an undisclosed amount of
money to gain a controlling interest in Vme Media Inc., the U.S. Hispanic
content and distribution company based in New York City. Financial terms have
not been disclosed, but Hauser, Vme Media's new board chairman, says the
investment will help Vme Media transition from a "financially strapped
company to one that is properly capitalized."

According to a prepared statement scheduled to go out later Thursday,
the investment group will supplement existing staff from Vme. Vme will continue
to work with its 42 public television partners across the country as well as to
grow and enhance the company's commercial cable network, Vme Kids.

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