Dear Recode readers: Remember a month ago, when I told you that Time Warner’s Turner unit had invested in Refinery29, the digital publisher focused on millennial women?
Now Turner and Refinery29 are announcing the $45 million investment, which also includes money from previous investor Scripps Networks Interactive. They’re not releasing a valuation, but people I’ve talked to say the new money puts Refinery29 at about $500 million.
Things the companies are saying:
- The two of them will work together to create content that will run on Refinery29’s digital platforms, as well stuff that could run on Turner’s TV channels. The money is supposed to help Refinery29 make some of that stuff.
- Both companies will sell ad packages that will run on both of their properties.
- Turner President David Levy says he wanted to work with Refinery29 because his portfolio didn’t have much for young women. He compares it to Turner’s purchase of sports publisher Bleacher Report four years ago.
- Christina Miller, who runs Cartoon Network, Adult Swim and Boomerang for Turner, will get a seat on Refinery29’s board.
This article originally appeared on Recode.net.