Former DreamWorks Animation owner Jeffrey Katzenberg has reportedly raised US$1 billion (€850 million) in funding for his upcoming mobile video service, NewTV.
According to a CNN report, Disney, 21st Century Fox, Warner Bros, Entertainment One and other media companies have invested around US$200 million in the new venture, with the rest coming from institutional investors in the US and China.
The news follows a Bloomberg report from May claiming that Katzenberg had at that stage secured around US$800 million in financing for NewTV, which it would use to fund “high-end TV series that have YouTube-length episodes”.
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