Online video content creator and distributor Alloy Digital announced that it has acquired studio and talent management company Generate, creating what the company calls “the first of its kind, multi-platform, next generation media company.”

Making the joint announcement were Alloy Inc. CEO Matt Diamond and Generate CEO Jordan Levin.

Alloy Digital’s young adult-focused content targets the 12-34 demographic. The company said in the announcement that it reaches more than 43% of Internet users in the demo, attracting more than 70 million consumers each month.

Said Diamond: “The addition of Generate to Alloy Digital firmly places us in a unique position offering expanded and vertically integrated capabilities that will create significant value for our advertisers and consumers, as well as the creative community and potential partners. With this transaction, and with the strength of our combined management teams, we are now the leading next generation media company mirroring the best of both old Hollywood and the new digital era: cost-effective development and production, talent management, distribution, ad sales, social media and promotion all under one roof.”

Alloy Digital also recently acquired Smosh, which has been described as the “Saturday Night Live” of the Internet and is the third-most-subscribed channel on YouTube, the company reported.