Left-Leaning Political Video Network The Young Turks Raises $20 Million
Jeffrey Katzenberg's investment venture WndrCo participated.
Former MSNBC anchor Cenk Uygur's The Young Turks Network has raised $20 million in a new funding round that was led by 3L Capital. Greycroft, e.ventures and WndrCo, Jeffrey Katzenberg’s venture firm, also participated in the company's first institutional investment round.
"TYT will use the investment to expand its roster of management and creative talent, enhance its subscription offering, expand marketing initiatives and strengthen content and community engagement," the company said in a statement.
In 2014, TYT received a $4 million convertible note from Roemer, Robinson, Melville, & Co, a private equity fund run by Buddy Roemer, a Republican former governor. The company raised a $4.25M Series A funding round the following year.
More recently, in the wake of the presidential election, the network hit a $2 million funding goal to hire more investigative journalists.
The Young Turks has approximately 30,000 paying subscribers and produces about $3.6 million in yearly subscriber revenue, The Hollywood Reporter has previously reported.
Asked if TYT plans to raise additional funds, Uygur told THR, "We'll cross that bridge when we get to it, or if we get to it. This is plenty for the foreseeable future."