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AT&T, Chernin venture buys control of Fullscreen

AT&T, Chernin venture buys control of Fullscreen

AT&T has partnered with the Chernin Group to buy a majority stake in the online media company Fullscreen. As part of the deal, Fullscreen CEO and founder George Strompolos will continue as CEO and maintain a material stake in the company. The acquisition will be by Otter Media, a joint venture set up by AT&T and The Chernin Group to invest in and launch over-the-top video services. 

Fullscreen, founded in January 2011, is a major YouTube partner, working with more than 50,000 content creators to engage subscribers and monetise online video content. AT&T said the deal will help strengthen its ability to reach young people. The acquisition 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, also will continue as a strategic shareholder in the company. Chernin is already an investor in Fullscreen and founder Peter Chernin sits on its board. 

Fullscreen reportedly held talks with Yahoo, AOL and other potential buyers in recent months. The company was thought to be valued at around USD 250 million in the takeover talks. 

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