AwesomenessTV was purchased by Comcast-owned DreamWorks Animation in 2013 for $117 million, and later sold off 24.5% to each Verizon and Hearst, reaching a 2016 valuation of $650 million.
Viacom is expected to pay less than half of that $650 million valuation at the close of their deal – a sign of hard times for online media companies.
Viacom wants to purchase back the eyeballs that have left their traditional media properties, like MTV and Nickelodeon, in favor of on-demand digital media. AwesomenessTV is known for their teen-focused films, shorts, and series’, many of which include popular digital media influencers.
Viacom’s digital division is led by ex-AwesomenessTV executive Kelly Day, and the company’s co-founder and former CEO Brian Robbins now works at Viacom’s Paramount Pictures.
Back in February, Viacom purchased flagship online video conference VidCon for an undisclosed sum.