DreamWorks Animation Agrees To Pay $33M+ For AwesomenessTV

This is the deal that DreamWorks Animation CEO Jeffrey Katzenberg appears to have been alluding to last night when he said he had video-related “news to share pretty quickly.” He says this AM that the YouTube destination is “one of the fastest-growing content channels on the Internet today and our acquisition of this groundbreaking venture will bring incredible momentum to our digital strategy.” AwesomenessTV has TV and film aspirations which indicates it has “continued cross-platform expansion plans,” the companies say. The deal, which includes contingencies, should provide a nice payoff for founder and CEO Brian Robbins as well as UTA and Ziffren Brittenham — all of whom supported (the trendy term is “incubate”) the young service. Stifel analyst Benjamin Mogil says DWA’s acquisition is “strategically prudent” given the growth in Internet video viewing even though it will “likely be dilutive [to earnings] in the near term.” DreamWorks shares are up 6.6% in mid-morning trading. Here’s the release: (more…)

This article was printed from https://deadline.com/2013/05/dreamworks-animation-agrees-to-pay-33m-for-awesomenesstv-487571/