Jeffrey Katzenberg's $1 Billion Bet on Shortform Video Comes Into Focus

Jeffrey Katzenberg's billion-dollar bet on the future of entertainment is starting to come into focus. The mogul's WndrCo has closed its first, $1 billion funding round for streaming video startup NewTV, and, as expected, there are several Hollywood backers, including 21st Century Fox, Disney, NBCUniversal, Sony Pictures Entertainment, Warner Media, Viacom, eOne, ITV, Lionsgate and MGM. Madrone Capital led the round, which also included participation from Alibaba, Goldman Sachs, JPMorgan Chase and Liberty Global. The valuation of the company was not disclosed. -- More...