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