Chernin Group, AT&T nearing deal for Fullscreen YouTube network
AT&T Inc. and the Chernin Group are nearing a deal to acquire a majority stake in Fullscreen Inc., a popular YouTube video network, a source close to the transaction said.
The deal between Fullscreen and Otter Media, a joint venture of AT&T and Chernin, would put the valuation of the company at $200 million to $300 million, said the source, who was not authorized to comment on the transaction.
Founded in 2011, Culver City-based Fullscreen, which has helped boost the popularity of many YouTube stars, has built more than 15,000 channels with 200 million subscribers and gets about 2.5 billion views a month. Chernin is a media group run by the former Fox President Peter Chernin.
Otter Media and a spokesperson at Fullscreen declined to comment.