Female-focused digital media dynasty Refinery29 has announced a $45 million funding round led by cable giant Turner Broadcasting in a bid to bolster its burgeoning video production business. Refinery will use the money to fund “new formats and channels,” the companies said today, as well as to accelerate international growth, develop new advertising products, and sign new platform partners.
The deal values Refinery29 at $500 million, according to multiple reports.
As part of the investment, Turner and Refinery29 will collaborate on content tied to existing Turner cable channels — which include CNN, TNT, and TBS — as well as on cross-platform ad sales partnerships, according to a release. And Christina Miller, the president and general manager of Turner’s Cartoon Network, Adult Swim, and Boomerang channels, will join Refinery’s board.
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“It has been an incredible year of growth for Refinery29, expanding our mission to put women at the center of every conversation and lead a new powerful representation of women in media and advertising,” said Refinery’s co-founders and co-CEOs Philippe von Borries and Justin Stefano in a statement. The brand counts 27 million unique visitors monthly and, since it launched its R29 Originals video initiative last April, total views have increased 19 times across all platforms, according to the company.
Also participating in Refinery’s latest funding round was Scripps Networks Interactive, which led a $50 million funding round for the company back in April 2015 as well. To date, 11-year-old Refinery29 has raised a total of $125.4 million in venture funding.
The investment marks Turner’s second play within the digital media landscape in recent months. In March, the company announced a $15 million investment in Mashable, as well as forthcoming partnerships on video production, technology, and advertising initiatives.
