Verizon has agreed to acquire a 24.5% equity stake in AwesomenessTV and will use the platform to add unique content to its go90 mobile video service. DreamWorks and Hearst will maintain 51% and 24.5% shares, respectively, in AwesomenessTV.
Verizon said its premium content will first be made available to Verizon customers in the U.S., but AwesomenessTV will be able to sell the content in other markets over time. The companies plan to use “leading talent in front of and behind the camera” to create short-form mobile videos.
In recent months, Verizon has invested heavily in media, and specifically in video. The company expects the transaction to be completed within 60 days.
