Fullscreen Majority Stake Acquired by AT&T and Chernin Group
Otter Media, a joint venture created by AT&T and The Chernin Group, will take a majority interest in multichannel network (MCN) Fullscreen, the companies announced today. None of the companies involved divulged the acquisition price.
Otter Media was created in April of this year to invest in, purchase, and create over-the-top (OTT) video services. News leaked onto the web back in July that Fullscreen was off the table and that AT&T and The Chernin Group would acquire the majority of it. At the time, the value of the controlling interest was put between $200 and $300 million.
Fullscreen's founder and CEO George Strompolos will stay involved, continuing as CEO and keeping a material ownership stake. The rest of the Fullscreen management will also stay in place.
Fullscreen counts more than 200 employees around the world, as well as a roster of online video talent that includes the Fine Bros., O2L, and Devin Supertramp.
The purchase should finalize in the next month. Otter Media also holds a majority stake in Crunchyroll and Creativebug.
“This is a huge win for Fullscreen and our creators,” Strompolos said. “Peter Chernin, Jesse Jacobs, and the entire team at The Chernin Group have supported our vision since day one. With AT&T as a strategic investor in Otter Media, we are well positioned to redefine youth media in today’s digital-first world.”
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