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Valence Media, parent company of The Hollywood Reporter, has made an investment in news startup Zig.
Launched in April by entrepreneurs Joshua James, Adam Platzner and John Tornow, Zig is a personalized news curation tool. Accessed either by website or mobile app, Zig offers a scrolling feed of photos that link out to articles from various sites, from The New York Times to TMZ. The Brooklyn-based company currently has five employees.
Valence Media did not disclose the size of its investment in Zig. Through the deal, Valence joins a roster of previous investors that includes Live Nation, former Vanity Fair editor Graydon Carter, Universal vice chair Ron Meyer and Quincy Jones.
James, who sold his last startup to Warner Music and serves as CEO of Zig, said that the app has grown from 48 users at launch to over 1 million users today. “It’s been an exhilarating few months for us,” he said in a statement. “It’s a nice start, but we are really excited about what’s in front of us.” Platzner, Zig’s president, added, “That we continue to attract investors who not only come to the table with capital, but have expertise, a genuine interest in our business and move things forward, truly inspires us, and speaks to what our team has built.”
Eldridge Industries, led by investor Todd Boehly, consolidated its media and entertainment properties under Valence in February, naming MRC executives Asif Satchu and Modi Wiczyk to lead the new venture. In addition to The Hollywood Reporter, Valence’s properties include Billboard, Golden Globes producer dcp, Ozark producer MRC and a minority stake in film studio A24.
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