Verizon to acquire 24.5% stake in AwesomenessTV and to launch premium mobile video brand
The deal, which was announced Wednesday, would value the online video startup at $650 million. DreamWorks Animation, which acquired AwesomenessTV in 2013, will remain the company's majority stakeholder with 51%. Media giant Hearst Corp. will own the remaining 24.5%.
AwesomenessTV founder and CEO Brian Robbins and AwesomenessTV President Brett Bouttier will continue to lead the company.
AwesomenessTV is best known for its popular YouTube channel that features short videos that target young people. In addition to the equity investment, the deal has the two companies creating what they describe as the "first-of-its-kind premium short-form mobile video service."