Updated: Time Warner invests in Gaia Online

Time Warner has invested an undisclosed amount in Gaia Online, reports Venture Beat. San Jose, Calif.-based Gaia says it has nearly three million monthly users. Last month the company announced an investment from Sony Pictures.  At that time the company said Sony and Warner Bros. have also each signed separate agreements to distribute their library of films through the online world, allowing group viewings with avatars.  Update: BrandWeek reports that this investment is part of a $12 million round of financing and that "Time Warner did not gain any managerial influence over the company as a result of the investment."