Turner Broadcasting has invested in Mashable, leading a $15 million round of financing.
The investment includes a commercial partnership for video production, technology and advertising opportunities between the two companies.
Turner, a division of Time Warner, has been expanding its digital portfolio.
Kevin Reilly, chief creative officer for Turner Entertainment and president of TBS and TNT, will join Mashable’s Board of Directors.
“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 Reilly. “We’re confident our partnership will increase the cultural relevance of Turner and Mashable content across all of our platforms.”
Early collaborations will include:
- Turner's TBS and TNT will partner with Mashable to co-develop and distribute video content
- Turner Entertainment will gain access to Mashable's Velocity platform
- 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
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.
"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.”
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.