GLENDALE (AP) — Hearst Corp. is betting $81.3 million that Internet video network AwesomenessTV will live up to its name.
The investment announced Thursday gives Hearst a 25 percent stake in AwesomenessTV, which DreamWorks Animation SKG Inc. acquired in May 2013.READ MORE: Joseph Jimenez Charged With Murder, Attempted Murder In Corona Movie Theater Shooting
The deal is the latest to underscore the growing popularity of Internet video services. DreamWorks bought AwesomenessTV at a price that could exceed $100 million if certain financial targets are reached. Just 19 months later, Awesomeness TV has now been valued at $325 million, based on Hearst’s investment.
AwesomenessTV, which tailors its videos for teens, got its start with a small piece of the $100 million that Google Inc.’s YouTube doled out to about 100 programmers in 2012.READ MORE: Initiative To Clear Encampment From Venice Boardwalk Brings 191 People Indoors
Hearst, which owns 29 traditional television stations, hopes to help AwesomenessTV expand its audience.
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