AT&T, Chernin venture to buy majority stake in Fullscreen

ACQUISITION: Otter Media, a joint venture between telecom giant AT&T Inc and The Chernin Group, has agreed to buy a majority stake in Fullscreen, one of the largest networks on YouTube, the companies announced on Monday. — Reuters

LOS ANGELES: Otter Media, a joint venture between telecom giant AT&T Inc and The Chernin Group, has agreed to buy a majority stake in Fullscreen, one of the largest networks on YouTube, the companies announced on Monday. 

The deal values Fullscreen at between US$200mil (RM650.05mil) and US$300mil (RM975.07mil), a person with knowledge of the transaction said. Fullscreen founder and chief executive George Strompolos will remain CEO and keep an ownership stake in the company.