Wednesday, May 1, 2013
Awesomeness TV Acquired By DreamWorks For As Much As $117M
In what looks to be a stunning quick exit for one of Southern California's new YouTube networks, Awesomeness TV has been acquired by DreamWorks, in a deal worth as much as $117M. DreamWorks said that it will pay $33M in cash, plus pay out up to $117M if Awesomeness TV meets certain earnings targets.
The acquisition is one of the fastest exits ever for a local, content-meets-online company--AwesomenessTV had only just raised $3.5M in a Series A in August of 2012, from such investors as MK Capital, Greycroft Venture Partners, New World Ventures, in addition to such angels as Dean Gilbert, Allen DeBevoise, Matt Coffin, Jeremy Zimmer and Michael Kassan.
DreamWorks said that AwesomenessTV has already signed up over 55,000 channels, and is aggregating more than 14 million subscribers and 800 million video views. The YouTube channel creates and distributes original comedy, fashion, sports, music and reality programming for teens and tweens.