Viacom in late talks to purchase AwesomenessTV (for cheap)

Viacom in late talks to purchase AwesomenessTV (for cheap)

Viacom isn’t stopping with VidCon. The media giant is in the late stages of talks to purchase AwesomenessTV, the Gen Z media company founded in 2012, according to a Bloomberg report.

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.