MMOG developer Turbine Inc. has raised $40 million in equity financing, the company revealed today, led by major investments from Time Warner and venture capital company GGV Capital.

Turbine, the company behind popular MMOGs including Asheron’s Call, Dungeons & Dragons Online and The Lord of the Rings Online (pictured), has not revealed specific plans for the financing, saying only that the investment will “further accelerate Turbine’s growth as a global leader in online entertainment.”

“Our investment in Turbine is an important addition to Time Warner’s entertainment initiatives,” said Time Warner Investments Senior Vice President Rachel Lam. “Online interactive entertainment is a huge growth market and we are very excited about Turbine, its unique capabilities and the obvious opportunities that exist with our own broad portfolio of IP.”

Time Warner is the world’s second-largest media conglomerate, and this new relationship with Turbine may represent early steps toward establishing itself as a force in MMOG entertainment through one or more of its many IPs. Time Warner owns numerous subsidiary entertainment companies, including New Line Cinema, HBO, Turner Broadcasting, the CW Television Network, Warner Bros. Entertainment, the Cartoon Network and DC Comics.

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