Warner Bros picks up minority stake in California broadband TV startup TV4 Entertainment
Warner Bros has acquired a minority holding in broadband television startup TV4 Entertainment. The size and value of the purchased stake was not disclosed, according to an exclusive report by Variety.
This investment is part of Warner Bros' strategy to maintain its standing in the ever-changing digital video industry. Using its stake in Machinima, the entertainment studio will develop more talent for film and TV projects, the report detailed.
TV4 Entertainment founder Jon Cody explained what kind of content the startup is trying to create: "It's like a miniature of what Fox Digital was, but for the broadband era... We can build audience on the backs of others."
Founded in 2012, TV4 currently operates under Television Four. Its founder used to be the senior vice president of digital for Fox Digital Media. At present, TV4 is aiming to tap into the special-interest broadband television channels that are not adequately reached by today's TV networks. The Santa Monica-based startup currently employs 15 people, Variety reported.