Renowned media exec and former DreamWorks Animation chief Jeffrey Katzenberg has pocketed even more cash on his path to imagining a new form of television for the mobile age.
Katzenberg has raised $800 million for his NewTV startup, Bloomberg reports, which will produce short-form series with an ultra-premium bent. 21st Century Fox and Warner Bros. contributed roughly $200 million to the funding round, with the rest coming from traditional venture capital firms. NewTV is set to officially announce the funding in coming weeks.
NewTV, which marks the largest venture within Katzenberg’s recently-launched WndrCo digital media holding company, is looking to produce YouTube-length clips (meaning no longer than 15 minutes) on Netflix-sized budgets, according to Bloomberg — to the tune of roughly $5 million to $6 million per hour. NewTV has yet to formally announce any shows or expound on a distribution strategy, but has reached out to top directors and producers in the industry. NewTV is being led by former Hewlett Packard CEO Meg Whitman.
WndrCo, which Katzenberg formed last January after raising $600 million to invest in other media and tech companies, has subsequently tendered investments in news startup Axios, digital network Whistle Sports, and progressive news brand The Young Turks,