WndrCo, Jeffrey Katzenberg’s mobile-entertainment holding company, has made one of its first investments: It’s taken a stake in TYT Network, one of the top online-video political news networks.
The company said it will use the investment to hire additional management execs and creative talent, as well as enhance its subscription-video offering and expand marketing initiatives. TYT also said it expects to tap into the relationships of its new investors — 3L, Greycroft, e.ventures and WndrCo — for new growth opportunities.
TYT, with more than 200 million views a month on YouTube, was founded by CEO Cenk Uygur (pictured above) as an online radio show in 2002. The Young Turks, the left-leaning news and commentary show co-hosted by Uygur, is now the longest-running daily live-streamed show online.
“TYT has done a tremendous job developing a deeply engaged millennial community, as evidenced by the size of its paid subscription membership and total watch time,” 3L managing partner Shawn Colo said in a statement. “This financing will allow the company to accelerate its reach and further its leadership in the massive and evolving market of online news and entertainment.”
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With the investment, Colo is joining the TYT board.
L.A.-based TYT Network operates 30 owned-and-operated channels and shows including The Young Turks, What the Flick?!, ThinkTank, TYT Sports, TYT Interviews, TYT Politics, Pop Trigger, and Nerd Alert.
Last month, TYT recruited Rotten Tomatoes editor-in-chief Matt Atchity as head of programming, among other editorial hires.