Chernin Group And AT&T's JV Otter Media To Buy Majority Stake In Fullscreen

(RTTNews) - Otter Media, a venture between The Chernin Group and AT&T Inc. (T), agreed to purchase a majority stake in Fullscreen, a global online media company.

As part of the deal, Fullscreen CEO and Founder George Strompolos will continue as CEO and maintain a material ownership stake in the company.

Fullscreen, founded in January 2011, works with more than 50,000 content creators who engage 450 million subscribers and generate 4 billion monthly views. Through its relationship with YouTube, Fullscreen is a pioneering force in the global content creator revolution and has been consistently ranked as a leading YouTube partner network. Fullscreen has more than 200 employees worldwide.

Fullscreen's management team will all continue in their roles in the company.

The transaction is expected to close within the next month, subject to regulatory approval. WPP, which had invested in Fullscreen in a round of Series A funding led by The Chernin Group in 2013, will continue as a strategic shareholder in the company.

AT&T and The Chernin Group formed Otter Media in April 2014 to acquire, invest in and launch global over-the-top (OTT) video services.