The spark is still there in Time Warner’s already cozy relationship with Mashable. A little more than a year after Time Warner Investments led a funding round for the social media and news platform, the companies announced today an additional funding round led by Turner that includes a deal for them to collaborate on video production, technology, and ad initiatives.
Following the new $15 million Series C investment round, Turner Entertainment Chief Creative Officer Kevin Reilly will join Mashable’s board.
Time Warner Investments also contributed to the funding round along with other investors including R&R Venture Partners — a fund created by former Time Warner CEO Dick Parsons and billionaire Ronald Lauder.
Turner Plans To Launch Multiple Online Subscription Services This Year
Time Warner considered buying Mashable, PoliticoMedia’s Ken Doctor reported in December, but he added that “its interest may have cooled since the third quarter of this year.”
The companies say that the cash will help to “further expand Mashable’s video offerings across all platforms including linear TV, enhance its proprietary technology and data platforms, and bolster its premium advertising offerings, with a focus on growing the company’s branded video division.”
Specifically, it will work with Turner on programming ideas using the Mashable Velocity platform. Some of Turner’s content will be distributed to Mashable users. They’ll also cross-sell ads.
“The most exciting thing right now is the future of TV,” says Pete Cashmore, Mashable’s CEO and founder. “Turner is the perfect partner to bring the best of tech and digital culture to TV in fresh ways.”
Reilly adds that the partnership “will increase the cultural relevance of Turner and Mashable content across all of our platforms.”
The announcement follows the creation last year of Mashable Studios, designed to create serials and “branded entertainment.”
The company says that its “branded content revenue” has grown 69% year-over-year.
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