Verizon Communications is beefing up its millennial content proposition by buying into AwesomenessTV with a minority stake.
DreamWorks Animation will remain the majority shareholder with 51% of AwesomenessTV, now valued at about $650 million by Verizon's move. Verizon will take about a 24.5% stake, equivalent to other minority partner Hearst. The buy promises a big mobile video push for the youth-focused content brand.
It's not just an equity deal, as Verizon wants to bring its Go90 video service experience to bear in helping AwesomenessTV build a "first of its kind" branded video service with premium transactional content. The new premium service will be exclusive to Verizon platforms in the US, with AwesomenessTV holding rights to sell its content elsewhere.
AwesomenessTV's founder and CEO Brian Robbins will continue to lead the company along with President Brett Bouttier.