AlleyCat News has named Bill Britt as its new publisher and CEO as part of an infusion of capital in the publication, which covers Silicon Alley's venture capital scene.

He replaces Janet Stites, who will stay on as president and focus on business development. Anna Copeland Wheatley will remain as editor-in-chief, the company said.

The investment of under $1 million came from a consortium of individual investors who are forming a new advisory board for the magazine. AlleyCat News is published by AlleyCat Information Sciences, Inc.

The cash comes in handy and just in time. Like many glossies and ad-dependant media properties, AlleyCat News has been hit by the drought in advertising dollars throughout the past six months. It recently announced plans to scale back its publishing schedule to bi-monthly and postpone its conferences for the rest of the year.

Wheatley said with the latest investment, AlleyCat would return to a publishing schedule of 11 issues in 2002 while staying on track to produce three more issues this year.

"This year, surviving is winning," she said. "In terms of how this will change the focus, AlleyCat's origins were always to follow the money, who's got it, who's looking. There are a lot of great companies coming out of New York. AlleyCat wants to be there to cover them."

Britt's background includes work as interactive director for Cablevision, where he guided online content management and distribution. He was also vice president of business development for Broadserve Inc., a broadband applications technology company.

The new members of the AlleyCat advisory board are Linda Bartlett Bahrenburg, a marketing strategist; Peter Bordes, a founder and partner of e-Works Inc.; Del Bothof, former president of Williams Communications; Sandy Cohen, an entrepreneur who founded Ergo Tech International Inc. (now called G2X), and Chris Travers, founder and chief executive officer of Future TV and a founding executive at Reuters NewMedia.