Time Warner’s CNN is taking a stake in hyperlocal aggregator Outside.in — the latest example of a big media organization making a play in the hyperlocal space. CNN is getting a share of Outside.in as part of a $7 million series B funding round for the company, CEO Mark Josephson tells us. The round was led by Union Square Ventures. In addition to CNN, other investors include existing backers Betaworks, Village Ventures, New York City Investment Fund and Milestone Venture Partners.
As part of its investment, CNN will begin to feature feeds from Outside.in on its website starting early next year, the WSJ reports. Outside.in aggregates blog and mainstream media content corresponding to specific neighborhoods, so presumably a visitor to CNN.com would be able to see a summary of news pertaining to his or her location. Adding hyperolocal feeds to CNN.com would mirror MSNBC.com’s strategy. When that company purchased hyperlocal startup EveryBlock in August, it said it would most likely add EveryBlock feeds to its local section within “months.”
Local media research firm BIA/Kelsey says on its blog that Outside.in plans to use the new funds to double the size of its staff — which currently numbers 15 — and also to build out its platform.
With the new funding, Outside.in will have raised more than $12 million since its launch in 2007. The company most recently raised an undisclosed amount of backing a year ago.
Here’s the release:
BROOKLYN, NY (December 8, 2009)