Online Show Producer to Get Cash Infusion

Digital Entertainment Network, the Santa Monica firm that is creating a lineup of television-style shows for the Internet, is expected to announce today that it has raised $26 million from Microsoft, Dell Computer, Cassandra Chase Entertainment Partners, Chase Capital Partners and senior executives of Lazard Freres. Together, the investors will hold less than 20% of the company. Jim Ritts, Digital Entertainment Network’s new chief executive, said the investment would fund the company’s expansion efforts, including the development of shows aimed at its target audience of 14- to 24-year-olds. “We’ll put the money to very good use,” he said, “but of equal importance is the counsel from the partners.”

Ritts joined the company last month after serving as commissioner for the Ladies Professional Golf Assn. He previously served as an executive with Channel One, which produces a news program for schools.