The transaction is expected to close within the next month, subject to regulatory approval.
Founded in January 2011, Fullscreen works with more than 50,000 content creators who engage 450 million subscribers and generate 4 billion monthly views.
The network's robust talent roster includes such stars as the Fine Bros., Connor Franta, O2L, Andrea Russett, Lohanthony, Devin Supertramp and Jack and Jack.
"The Fullscreen team has achieved something remarkable–they have built one of the largest online content distribution networks, as well as created a leadership position in youth-oriented video programming," says Peter Chernin, chairman and chief executive officer, The Chernin Group. "We're thrilled to be working with him and his management team in this next chapter for the company. Fullscreen's support for content creators,
Fullscreen chief executive officer and founder George Strompolos will continue as CEO and maintain a material ownership stake in the company, and Fullscreen's management team will all continue in their current roles at the company.
"This is a huge win for Fullscreen and our creators," says Strompolos. "Peter Chernin, Jesse Jacobs and the entire team at The Chernin Group have supported our vision since day one. With AT&T as a strategic investor in Otter Media, we are well positioned to redefine youth media in today's digital-first world. We could not ask for a better opportunity."
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