Mashable said Thursday it raised $15 million in funding led by Turner, a division of Time Warner. Also participating were returning investors Time Warner Investments, Updata Partners, David Jones, and Mike Lazerow, with participation from R&R Venture Partners, a fund created by Dick Parsons and Ronald Lauder. Mashable is a media company.
NEW YORK, NY, LOS ANGELES, CA & ATLANTA, GA (PRWEB) MARCH 31, 2016
Mashable, the leading media company for the digital generation, announced today that it has raised $15 million in funding, led by Turner, a division of Time Warner. The investment includes a partnership for video production, technology and advertising opportunities between the two companies. As part of the funding agreement, Kevin Reilly, Chief Creative Officer for Turner Entertainment and President of TBS and TNT, will join Mashable’s Board of Directors.
Capital for this round of funding also comes from returning investors Time Warner Investments, Updata Partners, David Jones, and Mike Lazerow, with participation from R&R Venture Partners, a fund created by Dick Parsons and Ronald Lauder.
The new funding will be used to further expand Mashable’s video offerings across all platforms including linear TV, enhance its proprietary technology and data platforms, and bolster its premium advertising offerings, with a focus on growing the company’s branded video division.
Mashable’s commercial partnership with Turner will enable the two companies to collaborate on programming, advertising and technology. Early collaborations will include:
• Developing new programming ideas and franchises using Mashable Velocity.
• Distributing select Turner programming to Mashable’s large digital audience.
• Creating cross-sales opportunities that will enable clients to receive maximum reach and more comprehensive, cross-platform packages.
“Tech is the current vehicle giving this generation a voice; it is the new cultural lynchpin on which all other creative pursuits rely. There is enormous opportunity for a brand that combines tech credibility with cultural influence. Mashable brings that to this next era of media,” said Pete Cashmore, CEO and Founder of Mashable. “The most exciting thing right now is the future of TV. Turner, home to the top rated cable networks, is the perfect partner to bring the best of tech and digital culture to TV in fresh ways. Kevin Reilly is a creative visionary that will be a huge asset as we continue to grow as a global entertainment brand.”
“Just as we are redefining these networks and continue to innovate beyond the traditional television universe, Mashable is redefining digital storytelling, making us ideal partners in today’s rapidly evolving media ecosystem,” said Kevin Reilly, Chief Creative Officer for Turner Entertainment and President of TBS and TNT. “We’re confident our partnership will increase the cultural relevance of Turner and Mashable content across all of our platforms.”
Over the last year, Mashable has seen strategic growth in its video capabilities, branded content partnerships and technology products.
Last June, Mashable launched Mashable Studios, a division within the company that creates serialized video programming as well as branded entertainment for the company’s website, social networks, television partners and OTT platforms.
Over the last year the company has more than doubled its video production, while cross platform video views grew by over 400%. Advertisers increasingly looked to Mashable for full service branded content campaigns, which included premium video for some of the world’s top brands. The company has seen branded content revenue grow 69% year-over-year, with client engagements growing by 58%.
The company is continuing to develop technology products essential to its content creation process, distribution strategy and overall commercial offerings, including licensing the company’s prediction and tracking tool, Velocity. Mashable currently has licensing deals with Golin, MEC and Wunderman.
Mashable is the leading global media company that informs, inspires and entertains the digital generation. Mashable is redefining storytelling by documenting and shaping the digital revolution in a new voice, new formats and cutting-edge technologies to a uniquely dedicated audience of 45 million monthly unique visitors and 28 million social followers.
Turner, a Time Warner company, creates and programs branded news, entertainment, sports, animation and young adult multi-platform content for consumers around the world. Turner brands and businesses include CNN, HLN, TBS, TNT, Turner Classic Movies (TCM), truTV, Cartoon Network, Adult Swim, Boomerang, Turner Sports, Bleacher Report, iStream Planet and ELEAGUE.
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