Hearst has acquired a 25% stake in Dreamworks’ multi-channel teen network AwesomenessTV for $81.25 million.
“Few companies have built the global audience of millennial females as quickly as AwesomenessTV,” comments Steven R. Swartz, president and CEO of Hearst Corporation. “For us, it’s very important to make a bet on the future of how content is created. Together, in partnership with DreamWorks, we see great opportunity in supporting the consumer media franchise that AwesomenessTV continues to build.”
Under the agreement, ATV will gain immediate access to Hearst’s subscription video on demand (SVOD) technology, which will rapidly accelerate ATV’s ability to offer content directly to consumers across all types of formats.
In just two years, AwesomenessTV has grown into one of the Web’s biggest multi-channel networks for emerging online talent, with an average of nearly 800 million monthly views and a subscriber base that now totals over 114 million.