A startup unicorn is joining the streaming-video fray.
Media mogul Jeffrey Katzenberg has raised $1 billion for a new mobile streaming service he’s calling “NewTV,” CNN reports. Disney, Warner Bros, Entertainment One, and other major media firms have invested.
Katzenberg recruited in January former eBay and HP CEO Meg Whitman to helm “NewTV.” The service is being developed within the WndrCo holding company, which last year filed its intention raise as much as $2 billion, TechCrunch reported, and has already raised $750 million separately from the unicorn round announced last week, Variety reports.
It will set itself apart by focusing on high-quality short-form video, Katzenberg has told investors. The content will be licensed from traditional production companies, rather than competing head-on.
“Really, this allows us to launch our vision of bringing together the best of Hollywood and Silicon Valley,” Whitman told Variety.