DreamWorks buying AwesomenessTV for about $33M

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(AP Photo)

(AP Photo)

GLENDALE, Calif. (AP) — DreamWorks Animation SKG Inc. is buying AwesomenessTV, a YouTube teen network, for about $33 million in cash as it looks to tap into the popularity of online content.

DreamWorks said Wednesday that AwesomenessTV founder and CEO Brian Robbins will continue to direct growth at that company while also developing a DreamWorks branded digital family channel.

The transaction includes the possibility of additional cash payments of up to $117 million if certain earnings targets are reached in 2014 and 2015.

The deal is expected to close this month.

AwesomenessTV features talk shows, scripted and reality programs and sketch comedy. The company has released a movie with AMC Theaters and expects to have a television show on Nickelodeon.

Shares of DreamWorks added $1.19, or 6.2 percent, to $20.47 in morning trading.

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