About a month ago, we noted that Time Warner division Turner has invested $50 million in Refinery29. Today, Turner has made it official — but the investment was $45 million.
Refinery29 said it plans to use the funds to boost its video production business.
As part of the deal, Christina Miller, president and general manager of Cartoon Network, Adult Swim and Boomerang, will take a seat on Refinery29’s board of directors.
Scripps Interactive also took part in the funding round.