DreamWorks Unit in Digital Joint Ventune with HearstWednesday, October 16, 2013
AwesomenessTV and Hearst Corp. have formed a joint venture for a YouTube channel aimed at the readers of Seventeen magazine.
Terms of the deal between AwesomenessTV, a YouTube teen network owned by DreamWorks Animation SKG Inc. in Glendale, and New York magazine publisher Hearst Corp. were were not disclosed.
The deal is the first one completed by AwesomenessTV since the Los Angeles-based network was acquired in May by DreamWorks Animation as a means for the studio to expand its digital distribution.
The “Seventeen” YouTube channel will feature original content, videos and tutorials on fashion, beauty, entertainment, and relationships. Teen girl viewers will also have a platform to produce and share their own channels.
“This is a generation that not only consumes an amazing amount of content, but produces it as well, which is what we are tapping into for Seventeen,” said Brian Robbins, founder and chief executive of AwesomenessTV, in a prepared statement.
Shares of DreamWorks closed up 58 cents, or more than 2 percent, to $28.25 on the Nasdaq.