Otter Media, the joint venture between Chernin Group and AT&T, is finalizing a deal to purchase a majority stake of YouTube network Fullscreen, Re/code reported. The deal reportedly values Fullscreen at between $200 million and $300 million.
Re/code's sources said that Fullscreen CEO George Strompolos will continue running Fullscreen and "retain a meaningful equity stake." He reportedly has plans to launch a paid site featuring Fullscreen network stars.
Chernin Group and AT&T originally invested $30 million on the startup back in 2013.
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