iWorld

Verizon to acquire equity stake in AwesomenessTV; to create new service featuring short-form content

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/internet-images/2016/04/06/verzion.jpg?itok=cUE1AKbE

BENGALURU: Verizon today announced it has entered into an agreement to purchase an approximate 24.5 per cent stake in AwesomenessTV. Upon completion of this transaction, the AwesomenessTV multi-platform media company will be valued at approximately $650 million. DreamWorks Animation, which acquired AwesomenessTV in 2013, will remain the company's majority stakeholder with an approximate 51 per cent ownership of outstanding shares, while Hearst will own the remaining 24.5 per cent. AwesomenessTV founder and CEO Brian Robbins and AwesomenessTV's president Brett Bouttier will continue to lead AwesomenessTV.

In addition to its equity investment, Verizon will enter into an agreement with AwesomenessTV to create a first-of-its-kind premium short-form mobile video service featuring leading talent in front of and behind the camera. The new service will operate as a new and independent brand, and feature premium transactional content for a variety of audiences on par with the highest-end content seen on television today. The new service will launch as part of the go90 offering and Verizon will fund the initiative through a multi-year agreement with AwesomenessTV.

The new premium content service will initially be exclusive to Verizon platforms in the United States, while AwesomenessTV will retain the right to sell content in the rest of the world. In addition to the production resources, expertise and marketing know-how of the team at AwesomenessTV, the partners will draw upon the entire Hollywood community – studios, production companies, writers, directors and actors – for content creation.

"In addition to delivering compelling scripted and non-scripted series with high production values, AwesomenessTV has demonstrated an ability to zero in on programming that Gen Z and millennials want to watch," said Verizon executive vice president and president of Product & New Business Innovation, Marni Walden. "The content AwesomenessTV has produced for go90 has exceeded all our expectations with shows such as Guidance and Top Five Live. That's why we want to be in the AwesomenessTV business."

"This deal gives us the resources to work with the biggest talent in front of and behind the camera to create this new branded service and produce the most premium short-form content ever, made specifically for the device racking up the fastest growing viewership – the mobile phone," said AwesomenessTV's Robbins. "With Verizon joining DreamWorks Animation and Hearst as part of our equity ownership group, we benefit from the strategic insight and resources of the entertainment and communications industries' most visionary companies and leaders. Our goal is to be the media company of the future, where content and distribution go hand in hand – we are now one giant step closer to that future."

"The creation of this new branded service represents a transformational step, not just for AwesomenessTV, but also for the entire mobile video landscape," said DreamWorks Animation CEO Jeffrey Katzenberg. "This agreement is clearly impactful for AwesomenessTV – with annual revenues expected to more than double in the first 12 months of content delivery – and even more exciting is the expansion of our relationship with Verizon, one of the world's most powerful marketers and content distributors, and their commitment to explore with us this incredible opportunity."

LionTree Advisors LLC acted as advisor to Verizon during this transaction and J.P. Morgan Securities LLC advised DreamWorks Animation. The transaction is subject to customary closing conditions. The parties currently expect that the transaction will be completed within the next 60 days.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/06/22/Atul_Gawande.jpg?itok=HsoCTI6Y
Atul Gawande appointed CEO of Amazon-JP Morgan joint venture

MUMBAI: Indian-American surgeon Atul Gawande has been appointed to lead the health care venture formed by e-commerce giants Amazon, JP Morgan and Berkshine Hathway.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/06/21/hoichoi.jpg?itok=rTn_R5ba
Hoichoi's biggest musical thriller has dropped its TRAILER

Shei Je Holud Pakhi, a Hoichoi Original Web Series, starring eminent actor - Saswata Chatterjee and popular actress - Tridha Choudhury dropped its much awaited trailer today. Tridha is back in the Bengali Entertainment Industry after a hiatus as she was busy doing projects in Mumbai.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/06/21/pixel.jpg?itok=bm_YdsXT
MyRepublic, Tata Communications sign deal for disruptive mobile services

Tata Communications has inked a deal with Singaporean TelcoTech MyRepublic as it looks to expand its services portfolio from broadband to mobile.

iWorld Telecom
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/06/21/babbar.jpg?itok=-8GqLsQ4
ZEE5 launches another original series- Babbar Ka Tabbar

After Zero KMS, ZEEL’s digital platform, ZEE5 today launched another web series named Babbar Ka Tabbar.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/06/20/idea.jpg?itok=y1Bdr9vH
DoT seeks legal view on the Vodafone-Idea merger

DoT (Department of Telecommunications) is seeking for legal opinion on the Vodafone-Idea merger in respect to Vodafone’s administratively allocated spectrum holdings. It is also seeking legal opinion on whether this would be wilful disobedience of the court.

iWorld Telecom
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/06/20/gandhi.jpg?itok=UbecJErN
Paytm appoints Ex- RBI deputy governor as advisor

Indian e-commerce payment system and digital wallet company, Paytm has appointed former RBI deputy governor Rama Subramaniam Gandhi as an advisor to the company.

iWorld e-commerce
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/06/20/sonyliv.jpg?itok=ndD8EuJn
Yoga in the palm of your hand by SonyLIV

SonyLIV is all set to celebrate Yoga Day on 21st June with LIVFIT- India's first-ever health and wellness segment on a digital platform. Together with associate sponsor HAVELL’S Water Purifier, LIVFIT will provide inspiration to yoga and wellness aficionados through a special selection of expert...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/06/20/aktbalaji.jpg?itok=TwEzMVOk
ALTBalaji’s new daily show ‘Dil Hi Toh Hai’ streaming now on the app and website

ALTBalaji, India’s largest platform for original and exclusive digital content, is now streaming its first ever daily show ‘Dil Hi Toh Hai’. The OTT platform will stream a new episode every Tuesday to Saturday at 10:30PM. By leveraging the digital rights of this show, Balaji Telefilms and ALTBalaji...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/06/20/hoichoi.jpg?itok=9WgD-nQl
Hoichoi announces new web series titled "Charitraheen"

Hoichoi, the world’s largest digital Bengali entertainment content platform, announced yesterday that Debaloy Bhattacharya will be directing a new Original web series called 'Charitraheen'.

iWorld Over The Top Services

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories