Hearst Corporation has purchased a 25% stake in AwesomenessTV from DreamWorks Animation.
DreamWorks had purchased the YouTube multichannel network last year for $33 million.
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 technology, which will rapidly accelerate ATV's ability to offer content directly to consumers across all types of formats.
"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."
Hearst had previously parented with AwesomenessTV on a Seventeen-branded YouTube channel.
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