DreamWorks to Buy Youth-Oriented YouTube Network

AwesomenessTV is the site's answer to Nickelodeon

DreamWorks Animation will pay $33 million for a tween- and teen-oriented YouTube network, The Wall Street Journal reported.

The studio is expected to close a deal this month for AwesomenessTV, YouTube's answer to Nickelodeon. With a mix of sketch comedy, game shows and sports, music and lifestyle shows, the network has generated over 800 million video views and boasts 14 million subscribers.

DreamWorks indicated that Awesomeness founder and CEO Brian Robbins will collaborate with the studio for a "branded digital family channel." The deal may include additional cash payments of up to $117 million if the partnership reaches earnings targets in 2014 and 2015.

“The acquisition of AwesomenessTV by DreamWorks Animation speaks to [CEO] Jeffrey [Katzenberg]’s vision for the future of entertainment, the immense appetite for new kinds of storytelling and the power and reach of YouTube,” Robbins said in a statement.

DreamWorks is not the first "old media" company to latch onto AwesomenessTV's thriving next-gen brand. Last month, Awesomeness created All Around the World—Mindless Behavior, a "rockumentary" about boy band Mindless Behavior that was released to about 120 AMC theaters. Nickelodeon is currently in talks to develop a show based on AwesomenessTV's programming.