US studio DreamWorks Animation has acquired YouTube channel AwesomenessTV and has unveiled plans to develop its own branded digital family channel.
AwesomenessTV operators a multi-channel network on the online video portal, aggregating over 14 million subscribers and 800 million video views. The company’s founder and CEO, Brian Robbins, will be given an executive role within the studio to develop a DreamWorks Animation branded digital family channel.
DreamWorks Animation expects the deal to close this month. In addition to an upfront payment US$33 million (€25 million) the company has agreed to make additional payments if certain targets are met to a total maximum payable sum of US$117 million.
“The acquisition of AwesomenessTV by DreamWorks Animation speaks to Jeffrey’s vision for the future of entertainment, the immense appetite for new kinds of storytelling and the power and reach of YouTube,” said Robbins. “The incredible opportunity to take all the resources of this amazing global brand with beloved character franchises and create a dedicated family channel has extraordinary potential – I can’t wait to get started.”
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