A funding round of $1 billion has been raised for a brand new mobile SVoD platform.
The initial raise includes investments from a number of major Hollywood studios, independent studios, technology companies, and strategic partners.
The “NewTV” project, devised by media technology company WndrCo and led by Meg Whitman and Jeffrey Katzenberg (pictured), is being described as the first entertainment platform built for easy, on-the-go mobile viewing.
Studio investors include ITV, 21st Century Fox, Disney, Entertainment One, Lionsgate, Metro Goldwyn Mayer, NBCUniversal, Sony Pictures Entertainment, Viacom, and Warner Media.
The technology company investors include Alibaba, while the strategic partner investors include The Goldman Sachs Group, Inc., JPMorgan Chase & Co., Liberty Global, and Madrone Capital.
“More so than ever, people want easy access to the highest quality entertainment that fits perfectly into their busy, on-the-go lifestyles,” said Meg Whitman, CEO of NewTV. “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.”
“It is exciting to see Hollywood embracing this new technology distribution platform built for the way we watch today,” added Jeffrey Katzenberg, managing partner of WndrCo and chairman and founder of NewTV. “NewTV will access the best talent and intellectual property for this next era in entertainment. We are already seeing tremendous interest from Hollywood’s top talent.”