Mashable Makes TV Push With Turner Investment
The cable network led a $15 million investment.
Digital publisher Mashable is turning its attention to video, following a cash infusion from Turner.
The media company led a $15 million investment into Mashable to form a partnership that also includes production, technology and advertising opportunities.
As part of the deal, Turner's TBS and TNT networks will work with Mashable to co-develop and distribute video projects for both digital and linear platforms. Turner will also gain access to Mashable's social media analytics platform Velocity and will begin distributing some programs to Mashable's online audience, which has grown to 45 million monthly unique visitors and 28 million social followers. The companies will further collaborate on sales initiatives and branded content opportunities.
"This new venture is a testament to the incredible work being done across the company, and I couldn't be more excited to bring your world-class storytelling to a new medium: television," Mashable founder Pete Cashmore wrote in a letter to staff on Wednesday evening.
TBS and TNT president Kevin Reilly has joined Mashable's board. "Together we think we can reinvent the way television is made," Cashmore said in the staff memo.
"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," Reilly said in a statement. "We're confident our partnership will increase the cultural relevance of Turner and Mashable content across all of our platforms."
Last year, Mashable raised a $17 million round led by Time Warner Investments, the venture arm of Turner parent company Time Warner. The 11-year-old digital media company also raised a $14 million round led by Tribune Digital Ventures.