The Hearst Corporation is partnering up with DreamWorks Animation.
Hearst has acquired a 25 percent interest in multi-platform media company AwesomenessTV, which Hearst will work with DreamWorks to grow.
Hearst shelled out $81.25 million for its stake in the company. AwesomenessTV founder Brian Robbins and president Brett Bouttier will continue to lead the company.
The new partnership will find the two companies working together to support Awesomeness’ attempts to enter into new content channels, broaden its audience and expand its geographic reach. That will include giving Awesomeness access to Hearst’s subscription video on demand technology, accelerating Awesomeness’ ability to offer content directly to consumers across numerous formats.
“Few companies have built the global audience of millennial females as quickly as AwesomenessTV,” Hearst Corporation president and CEO Steven R. Swartz said of the deal. “For us, it’s very important to make a bet on the future of how content is created. Together, in partnership with DreamWorks, we see great opportunity in supporting the consumer media franchise that AwesomenessTV continues to build.”
“Hearst has a strong track record of identifying emerging media companies and trends which will be invaluable as we enter into our next phase of growth and look to solidify our position as a leading, next-generation media brand,” ATV’s Robbins added. “With this new partnership, we will benefit from Hearst’s deep industry and creative experience as we continue our strong and productive relationship with DreamWorks Animation.”
Launched two years ago, multi-channel web network AwesomenessTV averages nearly 800 million monthly viewers, with a subscriber base of more than 114 million.