||Common Sense Media Receives $4.25 Million Investment from Omidyar Network
Three Year Commitment Supports Common Sense Media's Mission to Improve the Media Lives of Kids and Families
December 06, 2006 03:02 PM Eastern Standard Time
SAN FRANCISCO--(BUSINESS WIRE)--Common Sense Media CEO James P. Steyer announced today that Omidyar Network has committed to investing $4.25 million dollars to the organization over the next three years.
“Their financial support comes at a time of rapid growth for us and allows us to greatly expand our reach. We look forward to working closely with them toward our larger goal of building the nation's first mass constituency for kids dedicated to improving the media landscape for families.”
"We are enormously pleased that Omidyar Network has made this major investment in Common Sense Media," Steyer said. "Their financial support comes at a time of rapid growth for us and allows us to greatly expand our reach. We look forward to working closely with them toward our larger goal of building the nation's first mass constituency for kids dedicated to improving the media landscape for families."
Founded in June 2004 by Pierre Omidyar, the founder of eBay, and his wife Pam, Omidyar Network is a mission-based investment group committed to enabling economic, social, and political self-empowerment. Omidyar Network pursues a cross-sector approach, funding both for-profit and nonprofit efforts to fulfill its mission.
The investment will support general operating expenses for Common Sense to help build a self-sustaining business model. The model is structured to generate earned income from media distribution partnerships of Common Sense Media's entertainment reviews as well as its user and community generated content.
"We believe that Common Sense Media's combination of community engagement and entrepreneurial culture will be key drivers for their continued success in reaching and informing more than 26 million American families," said Christine Herron, director of investments at Omidyar Network. "Parents need tools that enable them to manage and make informed decisions around the impact of media on their children. Common Sense was created to serve that need through its consumer information, support for community dialogue, and public leadership. We're pleased to support their work with this nonprofit investment."
Common Sense Media is the leading independent, non-partisan organization dedicated to improving the impact of the media on kids and families. Today, more than five million parents and caregivers come to Commonsense.com for trustworthy media and entertainment reviews and parenting advice. For the latest news on kids and the media, visit us at www.commonsensemedia.org/news.
Common Sense Media
Cindy Myers, 415-553-6730