Hearst Corp has acquired a 25 per cent stake in Dreamworks’ YouTube teen network, Awesomeness TV, for $81 million.
Hearst Corp is a publisher of newspapers such as the San Francisco Chronicle and Houston Chronicle and Hearst magazines. and also operates TV channels.
Under the deal, Awesomeness TV, which has a subscriber base of over 114 million, will get immediate access to Hearst’s SVoD technology to accelerate its ability to offer content directly to consumers across various platforms, DreamWorks said a statement.
The two companies will support Awesomeness TV’s efforts to enter into new content channels and broaden its audience, the company said.