How to spend 70 million entertaining the under-35 crowd

Online publisher Defy Media, which attracts millions of young adults and teenagers to such goofy information, announced last week that it picked up 70 million from investors. And it's planning to spend most of that on increasing content production, and for the first time, advertising itself. "As the success grew over 2016, people got more and more bullish on the business and we got the outcome we wanted," Defy Media President Keith Richman said about the funding, led by Wellington Management Co. The New York City start-up, which has a significant base in Los Angeles, publishes articles and videos through online brands including Smosh and Clevver. Licensing videos to streaming apps from companies such as Verizon and Comcast brings in the rest of the cash.