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Thursday, Sep 21, 2023

DreamWorks Buys YouTube Teen Network

DreamWorks Animation SKG Inc. has acquired a YouTube network for teens in a deal with a potential value of more than $100 million, the company announced on Wednesday. The Glendale animation studio purchased AwesomenessTV of Los Angeles to expand its digital strategy and as a platform for a DreamWorks Animation branded channel, the company said. On top of an upfront payment of $33 million, DreamWorks will make additional payments if certain earnings targets are met in the next two years. The payments could total $117 million. AwesomenessTV was founded in 2012 as a subscriber-based YouTube network showing original talk shows, sketch comedy, scripted and reality series for teenagers. Founder and Chief Executive Brian Robbins will remain with the network under the new ownership. “Brian Robbins has an extraordinary track record in creating family content both for traditional and new platforms and his expertise in the TV arena will be invaluable as we grow our presence in that space,” said DreamWorks Animation Chief Executive Jeffrey Katzenberg in a prepared statement. The acquisition by DreamWorks Animation speaks of the company’s vision for the future of entertainment and an appetite for new kinds of storytelling distributed by the reach of YouTube, Robbins said. “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,” Robbins said in a prepared statement. Shares of DreamWorks rose $1.41, or more than 7 percent, to close at $20.69 on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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