Verizon buys minority stake in AwesomenessTV, raising its value to $650M

New over-the-top player Verizon (NYSE: VZ) has purchased a 24.5 percent stake in AwesomenessTV, a youth-focused digital media company that branched out from its original roots as a YouTube multichannel network. Combined with majority owner DreamWorks Animation and minority owner Hearst (which also holds a 24.5 percent stake), AwesomenessTV's valuation has risen to $650 million, according to Variety.

AwesomenessTV has developed some original content specifically for Verizon's Go90 OTT service already. Alongside the service provider's investment, AwesomenessTV will be creating a short-form video property that will launch exclusively on the Go90 service.

This investment moves Verizon's OTT strategy ahead as it continues to target millennial-aged viewers on its mobile-first service. Release

Suggested Articles

NBCUniversal’s TV Everywhere apps may be pulled from the Roku platform this weekend as the companies continue to fight over deal terms for Peacock.

Alan Wolk, co-founder and lead analyst at TV[R]EV, breaks down the Paramount+ announcement and Trump's TikTok ban.

Discovery, Inc.’s public discussions about a new streaming service that pulls together content from all its brands could soon become a reality.