Former Disney and Dreamworks executive Jeffrey Katzenberg is generating some serious funding for a project he says will combine the “best of Silicon Valley and Hollywood.” Katzenberg’s WndrCo announced that it has hit the $1 billion mark in fundraising efforts for its mobile-first streaming video service, which has the working title NewTV.
Investors include all major Hollywood studios, several leading independent content creators, and top technology companies, WndrCo said.
Meg Whitman, CEO of NewTV, said in the announcement: “More so than ever, people want easy access to the highest quality entertainment that fits perfectly into their busy, on-the-go lifestyles. With NewTV, we’ll give consumers a user-friendly platform, built for mobile, that delivers the best stories, created by the world’s top talent, allowing users to make the most of every moment of their day.”
Click here to read the full announcement.