Press Release: Dreamworks Animation and Hearst Corporation Announce Partnership to Grow AwesomenessTV
GLENDALE, CA & NEW YORK, December 11, 2014 - DreamWorks Animation SKG, Inc. (Nasdaq: DWA) and Hearst Corporation ("Hearst") announced today that Hearst has acquired a 25 percent interest in AwesomenessTV ("ATV"), a leading multi-platform media company serving the global teen community, for a purchase price of $81.25 million and will partner with DreamWorks to grow ATV. Brian Robbins, ATV founder, and Brett Bouttier, president, will continue to lead the company.
"Few companies have built the global audience of millennial females as quickly as AwesomenessTV," said Steven R. Swartz, president and CEO of Hearst Corporation. "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."
DreamWorks and Hearst plan to work together to support ATV's efforts to enter into new content channels, broaden its audience and expand its geographic reach. Under the agreement, ATV will gain immediate access to Hearst's subscription video on demand (SVOD) technology, which will rapidly accelerate ATV's ability to offer content directly to consumers across all types of formats.
"This is an extremely exciting partnership for AwesomenessTV and DreamWorks as we continue to implement our long-term strategy to maximize the value of our content and properties through multiple distribution platforms," said Jeffrey Katzenberg, chief executive officer of DreamWorks Animation. "We're delighted with the opportunity to partner with Hearst, in part because it has outstanding global brands, a very valuable international presence and industry-leading technology, and also because of its demonstrated track record of successfully partnering with media companies and supporting their growth trajectories."
In just two years, AwesomenessTV has grown into one of the Web's biggest multi-channel networks for emerging online talent, with an average of nearly 800 million monthly views and a subscriber base that now totals over 114 million. Its top YouTube channels-including Cimorelli, Miss Glamorazzi, Tyler Oakley, Cameron Dallas and Nash Grier-have created overnight YouTube stars and are watched each week by millions of viewers in the digitally-engaged, millennial demographic. Big Frame, a leading talent management company; Awesomeness Consumer Products; Awesomeness Music and Awesomeness Ink are also under the AwesomenessTV umbrella.