Turbine investor confirmed as Time Warner
Wednesday, 4th June 2008 at 4:34 pm
$40 million investment part sourced from media giant
Time Warner has been confirmed as one of the providers of MMO developer Turbine's recent $40 million financing round.
Joining GGV, Highland Capital Partners, Polaris Venture Partners, Tudor Ventures and Columbia Capital, Time Warner's money will be used to help Turbine's growth 'as a global leader in online content'.
“This is truly an exciting time for Turbine. The addition of Time Warner, one of the world’s largest media companies, and GGV Capital, one of the financial community’s most sophisticated investors, adds a level of access, perspective and experience to Turbine that is singularly unique in the global online entertainment space,” said Jim Crowley, president and CEO of Turbine, Inc.
“Turbine has an extraordinary team, incredible technology and a growing portfolio of games based on some of the most popular brands ever created. With this funding we are uniquely positioned to change the future of online entertainment as we bring new titles to market, expand the platforms we support and introduce new technologies to sustain self-evolving game worlds.”
Rachel Lam, senior vice president and group managing director of Time Warner Investments, added: “Our investment in Turbine is an important addition to Time Warner's entertainment initiatives. Online interactive entertainment is a huge growth market and we are very excited about Turbine, its unique capabilities and the obvious opportunities that exist with our own broad portfolio of IP.”
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