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UTA & SpotRunner Incubate New Video Venture 60Frames; Pittman’s Firm Invests

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60Frames, a new LA-based company incubated out of talent agency UTA and online-based TV ad startup SpotRunner, has received $3.5 million in its first round of funding. The round was led by Tudor Investment Corporation and the Pilot Group co-founded by Bob Pittman, and also included other investors…SpotRunner also invested some money in the venture. The CEO of the new company is Brent Weinstein, who till recently was the head of UTA’s digital media efforts.

The company will be involved in financing, ad sales and syndication of “professionally-produced” content, and distribute it through various online and mobile channels. No specific deals were announced, but Weinstein told me in a brief chat today that the company has signed up some brand-name artists that it is working with, and hope to launch something later this year. SpotRunner will be involved in selling the ads for the new venture. The company’s content will initially focus on short-form comedic productions and will expand to include dramatic, informative, educational and other types of online video, it said.

This project has been bubbling within the two companies for a while, as we got tips on it starting at least 6-8 months ago, and was envisioned under a different executive team, but those plans didn’t come through…now this new company is finally off the ground.

It does sound similar to efforts from the likes of NextNew Networks, Eisner-backed VUGuru and others playing in the original entertainment content space, though Weinstein says that his company will work with established talent in Hollywood.

NYT: UTA clients and filmmakers Joel and Ethan Coen, the brothers behind movies like “Fargo” and “The Big Lebowski,” have agreed to produce programming for the venture and will serve on an advisory board.