Otter Media, the online video joint venture between The Chernin Group and AT&T formed earlier this year, confirmed Monday (September 22) that it has agreed to purchase a majority stake in Fullscreen, the over-the-top multichannel service tailored for young consumers.
Financial terms weren’t disclosed, but the deal is likely to value Fullscreen in the range of $200 million to $300 million, according to Re/code.
Fullscreen, a YouTube network founded in January 2011, said it has more than 50,000 content creators that engage with about 450 million subscribers that collectively generate 4 billion monthly views. As part of the deal, Fullscreen CEO and founder George Strompolos will continue as CEO and retain a “material ownership stake” in Fullscreen, which has more htan 200 employees worldwide. Fullscreen’s management team will all continue in their roles in the company.