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Posts Tagged ‘Omnicom’

Morning Media Newsfeed: Chernin, AT&T Strike Deal With Fullscreen | The Wire Shuttered

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Peter Chernin, AT&T to Buy Majority Stake in YouTube Network Fullscreen (THR)
Peter Chernin’s The Chernin Group and AT&T have finalized a deal to acquire a majority stake in YouTube network Fullscreen. GigaOM Financial details of the transaction weren’t released, but Fullscreen CEO George Strompolos, who previously handled partner relations for YouTube, will retain “a material ownership stake in the company,” according to the release. Re/code The sale is supposed to wrap up in the next month; ad holding giant WPP, which invested in Fullscreen earlier, will remain as a “strategic shareholder.” The deal is likely to value Fullscreen, which says it has 4 billion monthly video views, between $200 million and $300 million. Earlier in the year, Disney bought YouTube network Maker Studios, which had 5.5 billion views, in a deal that could ultimately hit $950 million. That sale kicked off a new wave of investor interest in Web video networks, which for now generate most of their eyeballs and revenue on YouTube. Capital New York Dreamworks acquired YouTube channel AwesomenessTV in 2011 for $150 million, Discovery acquired Revision3 in 2012 for $30 million, and Legendary Entertainment bought Nerdist for an undisclosed sum in 2012. Variety Fullscreen, founded in January 2011, works with more than 50,000 content creators — including such YouTube stars as the Fine Bros., Connor Franta and O2L — who have an aggregate of 450 million subscribers. The Culver City, Calif.-based company has about 200 employees worldwide.

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Morning Media Newsfeed: Apple to Buy Beats | Time Inc. Spin-off Set | House Questions Comcast Merger

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Apple in Talks for $3.2 Billion Beats Deal (Financial Times)
Apple is closing in on its largest ever acquisition with the planned $3.2 billion purchase of Beats Electronics, the headphone maker and music streaming operator founded by music producer Jimmy Iovine and the hip-hop star Dr. Dre. The deal could be announced as early as next week, people familiar with the negotiations said, but they cautioned that some details had yet to be agreed upon and talks could still fall apart. GigaOM While Beats Electronics is best known for its premium headphones, it launched a streaming music service, Beats Music, in January. According to the report, the streaming service would be included in the deal. Apple runs its own streaming music service, iTunes Radio. NYT / DealBook For Apple, whose revenue growth has slowed sharply in the last few years, the deal could point to a headlong move into the frontier of streaming music. iTunes Radio has been slow to enter the streaming world. At over $3 billion, the Beats acquisition would be a major departure for Apple, which under Steve Jobs favored smaller deals. CNET Beats Music debuted with a powerful billing and marketing partnership with AT&T and it has reportedly been growing quickly. Although the company has yet to disclose hard and fast subscriber numbers, industry estimates peg the total at about 200,000. The talks come as trends in music purchasing are shifting to subscription services. Data from the Recording Industry Association of America found that paid subscription services grew the fastest of all digital formats last year, rising to 57 percent, while revenues from permanent digital downloads that are iTunes’ specialty declined 1 percent. Mashable Apple has ramped up its pace of acquisitions in recent months. CEO Tim Cook has said in the past that he’s open to the idea of making 10-figure acquisitions. Apple stock was down by a little less than 0.5 percent in after-hours trading following the report.

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