CNN Boss Jeff Zucker is not coy about where he wants CNN to be in the not so distant future and he’s spending big to make sure it happens. Earlier this year Mr. Zucker unveiled his plan to dominate digital which included the launch back in March of a live daily 5 p.m. digital show hosted by Youtube star Casey Neistat, who to date has over 7million subscribers on the video platform. Now Mr. Zucker is diving even deeper into video by injecting $40 million into “Big Story” the cable network’s in house social video start up which it launched back in 2015. Big Story is said to be valued today at about $250 million. With the new investment, Big Story will pivot from a social distribution to a 24 hour channel.
CNN’s investment in Great Big Story is the latest example of a fast-moving convergence in television, where traditional channels are pouring money into online startups to make shows for a younger, cord-cutting generation. NBCUniversal, for instance, has invested $400 million in BuzzFeed and $200 million in Vox Media. On Monday, Time Warner became the latest big media company to invest millions in making shows and buying ads on Snapchat.
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