Verizon to buy 24.5 percent stake in AwesomenessTV

Reuters News
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Posted: Apr 06, 2016 9:20 AM

(Reuters) - Verizon Communications Inc <VZ.N> said it agreed to buy a 24.5 percent stake in AwesomenessTV and create a new short-form mobile video service as part of the deal.

DreamWorks Animation SKG Inc <DWA.O>, which acquired AwesomenessTV in 2013, will remain its majority stakeholder, owning about 51 percent.

AwesomenessTV, owned by DreamWorks Animation and Hearst, will be valued at about $650 million once the deal is completed.

(Reporting by Narottam Medhora in Bengaluru; Editing by Shounak Dasgupta)