Animation studio DreamWorks Animation SKG has bought teen-oriented YouTube network AwesomenessTV for $33 million in cash with up to $117 million in cash payments if certain earnings targets are met in 2014 and 2015, the company announced this morning.
The YouTube network, founded by Brian Robbins, boasts programming like “Runaways,” “IMO” and “So Random” as well as recently releasing their first film “Mindless Behavior: All Around The World.” The channel currently is pushing towards half a million subscribers and has more than 100 million video views.
Jeffrey Katzenberg, CEO of DreamWorks Animation, said in a statement as posted by Deadline.com: “Awesomeness TV is one of the fastest growing content channels on the internet today and our acquisition of this groundbreaking venture will bring incredible momentum to our digital strategy.”
Robbins, who will become a DreamWorks executive in order to create a digital family channel for the company, said in a statement that the AwesomenessTV acquisition speaks of the growing interest that traditional media heads like Katzenberg have in YouTube.
He added: “The incredible opportunity to take all the resources of this amazing global brand with beloved character franchises and create a dedicated family channel has extraordinary potential – I can’t wait to get started.”
DreamWorks expects to close the deal by the end of the month.
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