Studio71, a Los Angeles-based global media company for creators, raised €53m in funding.
Backers included TF1 Group, France’s television network, and Mediaset, Italy’s commercial broadcaster.
The funding values the company at approximately €400m. Following the deal, ProSiebenSat.1 will retain about 70% of the shares in Studio71.
The company will use the proceeds to fund additional premium content and IP as well as further territory expansion establishing local operations in France and Italy, acquire a strategic minority interest in Finder Studios, of which the TF1 Group is the controlling shareholder (subject to approval by the German Federal Cartel Office and The Austrian Federal Competition Authority) and partner with Mediaset to launch Studio71 in the Italian market.
Formed by the merger of Collective Digital Studio (founded by Reza Izad, Michael Green and Dan Weinstein), and ProSiebenSat.1 Group’s Studio71 (founded by Sebastian Weil and Ronald Horstman), Studio71 is the global media company for top creators across YouTube, Facebook, Instagram, SnapChat and Twitter offering full-service strategy, creative, research, media and cross-platform activations for clients. With offices in Berlin, New York, Toronto and London, the company develops, produces and distributes original programming across social media, television and film.