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YouTube network and publishing services company Fullscreen has a new owner: Otter Media, the joint-venture between AT&T and the Chernin Group, has acquired a majority stake in Fullscreen, the parties announced Monday.
Financial details of the transaction weren’t released, but Fullscreen CEO George Strompolos, who previously handled partner relations for [company]YouTube[/company], will retain “a material ownership stake in the company,” according to the release. [company]Fullscreen[/company] investor [company]WPP[/company] will also keep a stake. Recode first reported about plans for this deal back in July.
Fullscreen could play a big role in Otter Media’s attempts to figure out the future of TV with a focus on niche programming — Crunchyroll, which caters to fans of Anime and Korean drama, is also part of the venture — and find new avenues of distribution through [company]AT&T[/company]. Here’s how Strompolos put it in a blog post Monday:
Peter Chernin’s The Chernin Group… brings unparalleled entertainment experience to Fullscreen, which is critical as our world continues to merge with the broader entertainment industry. AT&T is a worldwide leader in mobile, which is a key area of interest for us, and their TV footprint is poised to expand significantly. (…) Together, we will expand Fullscreen from a powerful network of online creators to a major player in the future of “over the top” video; focused on programming with and for today’s young adults.