Movie mogul sets his sights on the next big thing

Los Angeles: Jeffery Katzenberg raised $591.5 million (Dh2.17 billion) to fund investments in new media ventures, the next chapter in the career of the tireless Hollywood mogul who brought hits like ‘Shrek’ to movie theatres.

Katzenberg, who rose to prominence as a production executive at Walt Disney Co’s movie studio, has been plotting his next move since selling DreamWorks Animation to Comcast Corp last year. His new company, WndrCo LLC, disclosed the funding in a regulatory filing.

WndrCo will mimic IAC/InterActiveCorp, a holding company that fellow media mogul Barry Diller has used to incubate and build emerging internet companies in travel, dating and entertainment, according to people familiar with Katzenberg’s plans.

After spending most of his career in the movie business, Katzenberg, 66, has been drifting toward online media and technology in recent years. Some of that was out of necessity. DreamWorks Animation was hurt by growing competition in film animation.

After years of releasing hits, the company suffered a string of misfires and was sold to Comcast for $3.8 billion.

To reduce its reliance on the film business, DreamWorks Animation expanded into TV production, making several shows for Netflix Inc, and online video, buying the digital start-up AwesomenessTV.