54.6 F
Los Angeles
Monday, Mar 20, 2023

Katzenberg’s WndrCo Raises $1B for Short-Form Video Platform NewTV

An entertainment holding company founded by Jeffrey Katzenberg announced Aug. 7 that it had raised $1 billion for a digital, short-form video venture, including investments from every major motion picture studio.

Katzenberg’s one-year-old WndrCo, which has offices in west Los Angeles and San Francisco, disclosed in May that it had raised $800 million for the tentatively named NewTV.

The updated announcement not only raised the price tag of the initial funding round, but unveiled a big-name roster of investors. These include entertainment companies 21st Century Fox Inc., Walt Disney Co., Entertainment One, ITV, Lionsgate Entertainment Corp., Metro-Goldwyn-Mayer Inc., NBCUniversal Media, Sony Pictures Entertainment Inc., Viacom Inc. and Warner Media.

Additional investors are Alibaba Group, The Goldman Sachs Group Inc., JPMorgan Chase & Co., and Liberty Global.

Madrone Capital Partners, a Menlo Park investment company started by the family that founded Wal-Mart Inc., lead the funding round.

Besides high-profile investors, Katzenberg also brought on Meg Whitman as chief executive of the new entertainment platform. The former Hewlett-Packard CEO made the news recently for her investment in e-sports company Immortals.

Katzenberg has described NewTV as a professionally produced alternative to short-form online videos. He has offered the example of bored patients waiting in the doctor’s office as his audience for the platform.

WindrCo has not set a date for when its new video platform will start.

Media and entertainment reporter Matthew Blake can be reached at (323)556-8332 or mblake@labusinessjournal.com

Featured Articles

Related Articles