Viacom is reportedly buying youth media company Awesomeness for $25 million plus debt, according to The Hollywood Reporter.
As part of the deal, which had a significantly lower price tag than Awesomeness’ $650 million valuation in 2016, Jordan Levin will leave his post as chief executive officer at Awesomeness following a post-acquisition period.
Viacom’s purchase of the company will further expand the media conglomerate’s robust roster of digital brands. Awesomeness is currently owned by NBCUniversal, Verizon and Hearst.
Awesomeness began as the AwesomenessTV-funded YouTube channel and later evolved into a media company that produced original content focused on the tween and teen market.
“Awesomeness has done an incredible job building their brand into a digital media powerhouse for today’s most sought-after and hard-to-reach youth audiences,” says Kelly Day, president, Viacom Digital Studios and former chief business officer, Awesomeness. “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.”