Hearst Corp. bought a 25 percent stake in Awesomeness TV, a global web-based company targeting teens, from DreamWorks Animation SKG Inc. in a deal valued at $81.25 million, executives with the two principles announced Thursday.
Brian Robbins, founder of Awesomeness TV, and Brett Bouttier, president, will continue to lead the two-year-old company, which DreamWorks and Hearst hope to grow. AwesomenessTV is also a sketch comedy series based on the YouTube channel with the same name.
DreamWorks Animation bought AwesomenessTV last year for a reported $33 million.
“Few companies have built the global audience of millennial females as quickly as AwesomenessTV,” Hearst President and Chief Executive Steven R. Swartz said. “For us, it’s very important to make a bet on the future of how content is created.”
DreamWorks Animation chief Jeffrey Katzenberg said the idea was to “to enter into new content channels, broaden (AwesomenessTV’s) audience and expand its geographic reach.” “Under the agreement, ATV will gain immediate access to Hearst’s subscription video on demand technology, which will rapidly accelerate ATV’s ability to offer content directly to consumers across all types of formats,” he said.
— City News Service