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Viacom buys digital media company AwesomenessTV

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Viacom buys digital media company AwesomenessTV

Viacom Inc. has acquired AwesomenessTV, a youth-oriented digital media company from Comcast Corp., Verizon Communications Inc. and Hearst Corp.

AwesomenessTV will become part of Viacom's digital studios division, which is led by former Awesomeness executive Kelly Day, a Viacom spokesman said in a July 27 company blog post. AwesomenessTV CEO Jordan Levin will step down following a transition period.

AwesomenessTV has more than 6.4 million YouTube subscribers and 158 million subscribers to its Awesomeness Network, which is geared toward GenZ viewers, or those born in the mid-1990s, Viacom's representative said in his blog post.

While financial terms of the deal were not disclosed, a source told Variety that Viacom is paying less than $300 million for the digital media company. An earlier report by Bloomberg News indicated Viacom was looking to buy AwesomenessTV for less than half of a $650 million valuation the digital media company received in 2016 when Verizon bought its stake.

"The team brings strong digital expertise, deep connections with top talent and influencers, a world-class television and film studio, and a robust branded content team and creative agency that will accelerate the growth and scale of Viacom Digital Studios," Day said in a statement.