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Glenn Beck’s TheBlaze raises $6.4 mln of targeted $40 mln – Corrected

Fundraising is going slowly for TheBlaze Inc, a news and opinion website founded by conservative TV personality Glenn Beck.

The company said in an SEC filing today that it has raised just $6.4 million of a planned $40 million since it revealed its fundraising plans last year. Its initial filing in March 2013 stated that it had raised $1.5 million at that time.

(Update: “TheBlaze has been very selective in who we are accepting as investors to make sure that their interests are aligned,” a spokesman for the company told peHUB.)

The new document states that the new capital came from five investors, but none is named.

Hypatia Capital Advisors LLC has been will be paid $2.8 million in sales commission for the capital if the entire $40 million is raised, according to the filing.

Correction: The original headline for this story was changed because it went beyond what the article reported.

Photo: Radio and television personality Glenn Beck speaks to a gathering at FreePAC Kentucky at the Kentucky International Convention Center in Louisville, Kentucky April 5, 2014. REUTERS/John Sommers II