DreamWorks Animation Sells 24.5% Equity Stake of AwesomenessTV To Verizon
Los Angeles, CA-- Paul Hastings LLP, a leading global law firm, announced today that the firm represented entertainment company DreamWorks Animation in selling a 24.5% equity stake of AwesomenessTV, a leading multi-platform media company, to Verizon Communications, a telecommunications company, and a related agreement to create a first-of-its-kind premium short-form mobile video service featuring leading creative talent.
AwesomenessTV will be valued at approximately $650 million upon the close of this transaction. The deal represents one of the first instances of a major content distributor making a multi-year commitment to license and distribute short-form, high-quality scripted and non-scripted entertainment content intended primarily for viewing on mobile devices.
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