Yahoo looking to buy YouTube content provider for $250 million: Sky News

Thu Jun 26, 2014 3:45pm EDT

A Yahoo logo is pictured in front of a building in Rolle, 30 km (19 miles) east of Geneva, in this file picture taken December 12, 2012.   REUTERS/Denis Balibouse

A Yahoo logo is pictured in front of a building in Rolle, 30 km (19 miles) east of Geneva, in this file picture taken December 12, 2012.

Credit: Reuters/Denis Balibouse

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(Reuters) - Internet giant Yahoo has put in a bid of around $250 million to buy Fullscreen, a company which creates content for YouTube channels, Britain's Sky News reported on Thursday.

Yahoo is looking to expand its reach to young consumers through the acquisition of the company, which generates more than 3 billion monthly views on Google Inc's YouTube.

Yahoo faces competition from private investment firm Chernin for control of the California-based company, Sky quoted insiders as saying.

Chernin is already a shareholder in Fullscreen, having bought a stake in June last year along with the world's largest advertising group, WPP and Comcast Ventures.

Chernin, owned by former News Corp executive Peter Chernin, is understood to have the right to buy Fullscreen at a previously-agreed price if other bidders do not offer at least $300 million, Sky reported.

Fullscreen was founded in 2011 by George Strompolos, a former Google executive.

(Reporting by Tasim Zahid in Bangalore, editing by David Evans)

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Comments (1)
bluto1960 wrote:
Yahoo is still trying to spend its way to a profit

Jun 27, 2014 4:48pm EDT  --  Report as abuse
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