Report: AT&T nears deal to acquire all of Otter Media

AT&T is nearing a deal to acquire a full stake Otter Media, its joint digital video venture with the Chernin Group, according to a new report from Digiday. Otter Media – whose properties include Fullscreen, Crunchyroll, Hello Sunshine, and Gunpowder & Sky – was first formed in 2014. Since its inception, it’s been a purely joint venture. According to Digiday, AT&T plans to buy out the Chernin Group’s entire stake, giving the telco 100% ownership. Deal terms are still unclear. What’s known is that AT&T and the Chernin Group initially invested $500 million in the company; in other words, the acquisition won’t come cheap. It’s also unclear weather the companies have a deal signed and ready to go; according to Digiday’s sources, AT&T’s current top priority is winning regulatory approval of its proposed Time Warner acquisition. Neither AT&T nor the Chernin Group commented on Digiday’s report.

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