Verizon has entered into an agreement to purchase an approximate 24.5% stake in an online video startup, Awesomeness TV that is owned by DreamWorks Animation and Hearst for approximately $159 million. AwesomenessTV, which makes programming targeted at young people, is best known for its popular YouTube channel featuring short videos on dating and celebrities.
In addition to its equity investment, Verizon will enter into an agreement with AwesomenessTV to create a first-of-its-kind premium short-form mobile video service featuring leading talent in front of and behind the camera. The new service will launch as part of the go90 offering and Verizon will fund the initiative through a multi-year agreement with AwesomenessTV.
The new premium content service will initially be exclusive to Verizon platforms in the United States, while AwesomenessTV will retain the right to sell content in the rest of the world.
Marni Walden, executive vice president and president of Product & New Business Innovation, Verizon
In addition to delivering compelling scripted and non-scripted series with high production values, AwesomenessTV has demonstrated an ability to zero in on programming that Gen Z and millennials want to watch.
AwesomenessTV's Brian Robbins
This deal gives us the resources to work with the biggest talent in front of and behind the camera to create this new branded service and produce the most premium short-form content ever, made specifically for the device racking up the fastest growing viewership – the mobile phone.
