DreamWorks Animation has announced plans to acquire one of the most popular teen networks on YouTube, AwesomenessTV, for $33 million in cash.

DreamWorks, which expects to complete the sale this month, will also make additional cash payments at certain intervals throughout 2014 and 2015 if certain earnings targets are met, up to $117 million.

AwesomenessTV’s multi-channel YouTube network has 55,000 channels, 14 million subscribers and 800 million video views. The brand also recently extended into television and film.

"Awesomeness TV is one of the fastest-growing content channels on the Internet today and our acquisition of this groundbreaking venture will bring incredible momentum to our digital strategy," says Jeffrey Katzenberg, chief executive officer, DreamWorks. "[Founder] Brian Robbins has an extraordinary track record in creating family content both for traditional and new platforms, and his expertise in the TV arena will be invaluable as we grow our presence in that space." 

The channel’s founder and chief executive officer Brian Robbins will continue to lead AwesomenessTV under DreamWorks, assuming an executive role at the studio. He will also work to develop a DreamWorks Animation-branded digital family channel that harnesses the studio's resources, technology and IP.

"In a very short time, Brian Robbins has built AwesomenessTV into a powerful, next-generation, audience network on YouTube," says Robert Kyncl, global head of content, YouTube. "DreamWorks Animation's acquisition is symbolic of the incredible evolution of online entertainment and continues the exciting momentum of creators on the platform.”