21st Century Fox Invests in TheSkimm

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Courtesy of 21st century fox

Hoping to reach fickle millennial consumers, 21st Century Fox has led an $8 million funding round for theSkimm.

The multi-platform company is best known for its daily newsletter, which boasts an audience of 3.5 million news junkies by boiling down the headlines into a bite-sized product. The company was launched in 2012 by Carly Zakin and Danielle Weisberg, two former NBC News producers, with an eye toward reaching an audience of digital savvy working women. In April, theSkimm launched a paid subscription app, dubbed Skimm Ahead, that sells for $2.99 a month. The company plans to move into original video content and will use the funding to support that effort.

Fox’s investment comes as media companies are trying to find better ways to reach younger audiences that consume content digitally and are moving away from traditional pay-television and broadcasting programming. That, in turn, threatens the advertising revenue that makes up the bulk of media conglomerates’ profits. In the past, Fox has invested in companies such as Vice Media, as a way of reaching consumers who came of age with the internet.

Joining 21st Century Fox in the funding round are existing investors RRE Ventures, Greycroft Partners and Homebrew. TheSkimm has 21 employees and has raised $15 million since its inception.

“We were immediately impressed with theSkimm’s unique editorial voice, and by their ability to drive meaningful engagement with their community of users,” said Randy Freer, president and COO for Fox Networks Group. “Carly and Danielle have mastered the art of building community and have quickly proven they can effectively expand their suite of products to serve their ever growing audience.”

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