August 8, 2017 | 07:04AM PT
WndrCo, Jeffrey Katzenberg’s mobile-entertainment holding company, has made one of its first investments: It’s taken a stake in TYT Network, one of the top online-video political news networks.
TYT Network, whose flagship show is The Young Turks, closed $20 million in funding led by growth equity firm 3L Capital with participation from Greycroft, e.ventures and WndrCo.
The company said it will use the investment to hire additional management execs and creative talent, as well as enhance its subscription-video offering and expand marketing initiatives. TYT also said it expects to tap into the relationships of its new investors — 3L, Greycroft, e.ventures and WndrCo — for new growth opportunities.
TYT, with more than 200 million views a month on YouTube, was founded by CEO Cenk Uygur (pictured above) as an online radio show in 2002. The Young Turks, the left-leaning news and commentary show co-hosted by Uygur, is now the longest-running daily live-streamed show online.
“TYT has done a tremendous job developing a deeply engaged millennial community, as evidenced by the size of its paid subscription membership and total watch time,” 3L managing partner Shawn Colo said in a statement. “This financing will allow the company to accelerate its reach and further its leadership in the massive and evolving market of online news and entertainment.”
With the investment, Colo is joining the TYT board.
L.A.-based TYT Network operates 30 owned-and-operated channels and shows including The Young Turks, What the Flick?!, ThinkTank, TYT Sports, TYT Interviews, TYT Politics, Pop Trigger, and Nerd Alert.
Last month, TYT recruited Rotten Tomatoes editor-in-chief Matt Atchity as head of programming, among other editorial hires.