Hearst, which owns stakes in A&E and ESPN, is expanding its media holdings with the purchase of a 25% stake in AwesomenessTV, Bloomberg reports. The online video network is owned by DreamWorks Animation.
Bloomberg reports: “AwesomenessTV, which operates a network of YouTube channels with more than 114 million subscribers, will use some of the $81.25 million investment to fund international expansion and video production. DreamWorks Animation, based in Glendale, California, will keep majority control, according to a statement today.”
AwesomenessTV CEO Brian Robbins told Bloomberg: “There is an amazing amount of intellectual property and synergy in things we can do, ways they can grow our brands. Look at their brands. There are so many ways for Hearst to help us grow as a company.”
Robbins, a former child actor who appeared in “Head of the Class,” will continue to run the company with President Brett Bouttier, the story says.