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Jeffrey Katzenberg’s new mobile video platform just received $1B in funding from Disney, Fox, Warner, and many others.

By: Wes Schlagenhauf July 27, 2018

CNN reports that ex-Dreamworks CEO Jeffrey Katzenberg closed a $1B funding round for WndrCo’s (his holdings company) “NewTV,” a mobile video platform that will specialize in short-form content.

Disney, 21st Century Fox, Warner Bros., Entertainment One and other media companies made a combined $200m investment, while other investors from the US and China made up the rest.

They also have a big name running the ship

In January, Katzenberg’s video startup snatched Meg Whitman (ex-CEO of Hewlett Packard Enterprises) to be the company’s CEO. 

Meanwhile, last fall, an SEC filing revealed Katzenberg’s WndrCo was looking to raise as much as $2B, and in May Bloomberg reported that NewTV had raised $800m.

A mobile media company? Now? Really?

In the age of ‘premium’ mobile content platforms coming and going faster than it takes to watch a Kardashian Snap story, it’s unclear why studios believe NewTV is worth the $1B investment.

In the past 2 years once-lauded media companies like Seeso, Fullscreen, and Go90 have all met their demise — but these companies didn’t have Katzenberg.

And, with his legendary success at movie meccas like Paramount, Disney, and Dreamworks, that may be all that was needed to validate the check. 

Original Article Appears The Hustle

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