WMR will provide finance to bridge the gap between the makers of content and buyers, and says it plans to transform the way investment in media takes place by allowing investors to enter the market.
WMR says it plans to help create a more diverse TV market, which will allow funding for television content coming from many sources, including new media.
WMR has been set up by Neil, who is also chief executive of The Spectator, along with Alan Griffiths, former BBC head of multimedia, and David Honey, founder of sports statistics company Opta Index.
Neil said the launch of WMR has been made possible by the changing nature of the market and the growing importance of new media.
"A few years ago it was argued that only large well-funded broadcasters could provide the risk capital for innovative and challenging television production, but now with new media needing electronic content, there are many operators for whom content, and rights to it, are valuable," Neil said.
Neil will take on the chairman's role while Griffiths is chief executive and Honey is non-executive commercial director of the new venture.
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