How The Young Turks will spend its $20 million
The Young Turks (TYT), a progressive online news network catered to millennials, has raised $20 million in a round of funding led by 3L Capital and including Greycroft, e.ventures and WndrCo – the new venture capital firm founded by Jeffrey Katzenberg.
- Once a radio brand turned YouTube channel, TYT has exploded into a multi-channel news and commentary platform that reaches an enormous millennial audience.
- How they'll spend it: In an interview with Axios, TYT Co-Founder and Host Cenk Uygur says the money will go toward building a tech team to improve community building and outreach, a sales team to monetize their audience and add more programming for subscribers and its general audience.
- Why it matters: This is the first time the company has taken money to expand its business and they have a very strategic plan of how they plan to move forward in over-the-top (OTT) streaming, building proprietary technology and expanding its reach on social platforms.