Yahoo offers $250m for YouTube channels
June 27, 2014
Yahoo has put in a bid of around $250 million to buy Fullscreen, a company which creates content for YouTube channels, according to reports. Yahoo is looking to expand its reach to young consumers through the acquisition which generates more than 3 billion monthly views on Google’s YouTube.
Yahoo faces competition from Peter Chernin’s private investment firm. Chernin, the former News Corp exec, is already a shareholder in Fullscreen, having bought a stake in June last year along with the world’s largest advertising group, WPP and Comcast Ventures.
Chernin is understood to have the right to buy Fullscreen at a previously-agreed price if other bidders do not offer at least $300 million, Sky News reported. Fullscreen was founded in 2011 by George Strompolos, a former Google executive.