SAN FRANCISCO, July 23 AT&T Inc and the
Chernin Group are close to buying a majority slice of
Fullscreen, in a deal that will value the popular YouTube video
network at $200 million to $300 million, tech blog Re/code cited
sources familiar with the target company as saying.
Otter Media, a joint venture between the telecom carrier and
the media investment group, is finalizing a deal with
Fullscreen, which has been courted by prospective buyers in past
months, the blog reported on Wednesday.
Under the deal now being hammered out, Fullscreen CEO George
Strompolos, the ex-YouTube executive who started the company,
will continue to run the video network and will retain a stake
in the company, it said.
AT&T could not immediately be reached for comment.
(Reporting by San Francisco newsroom; editing by Matthew Lewis)