Wednesday, April 6, 2016

Verizon Buys Stake In AwesomenessTV

Verizon said Wednesday that it will acquire a 24.5 percent stake in Los Angeles-based AwesomenessTV, paying approximately $159M in an equity stake which values AwesomenessTV at approximately $650M. Dreamworks Animation will continue to hold a 51%, majority stake in AwesomenessTV. As part of the deal, Verizon said it will enter into an agreement with AwesomenessTV to create a premium short-form mobile video service, which it will make part of its go90 offering. Verizon said it was advised by LionTree Advisors LLC in the deal, with DreamWorks Animation being advised by J.P. Morgan Securities.