21st Century Fox has announced it led an $8 million funding round for theSkimm, a multi-platform company that publishes news aimed at millennials.

theSkimm launched in 2012 to deliver news toward young female professionals in a simple and clean format. In April of this year, the company launched Skimm Ahead, an iOS app priced at $2.99 per month that integrates right into the reader's iPhone calendar and provides relevant information about future events such as concert ticket releases, Netflix premiere dates, and presidential debates.

The company plans to use the funds for original video content, which would be distributed and produced under Skimm Studios.

21st Century Fox. which owns several cable networks such as FX and Fox News, wants to capitalize on theSkimm's global audience of 3.5 million readers at a time when many millennials are cutting the cord and abandoning traditional pay-TV.

The median age of Fox News viewers, for example, is 67, so a partnership with theSkimm would let 21st Century Fox use its power to build brands and engage audiences to create content for a much younger demographic.

Fox has made several investments in digital media recently. In March, the company poured $6 million in FuboTV, a startup that streams soccer games and focuses on millennial males who are not traditional pay-TV customers. The company has more than 40,000 U.S. subscribers since it debuted in January 2015 and is available on connected devices such as Apple TV, Google Chromecast, Roku, and Amazon Fire TV.

And last summer, Fox Sports invested approximately $150 million for an 11% stake in fantasy sports company DraftKings. The company made the deal in order to develop content with DraftKings across several platforms in an effort to reach those who do not subscribe to traditional pay-TV.

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