After more than two months of speculation, Fullscreen is reportedly off the market. According to a report in Recode, AT&T and The Chernin Group have agreed to purchase a majority stake in the multi-channel YouTube network, which they will value between $200 and $300 million.

Fullscreen, whose network partners score a combined 3.5 billion views each month, became a hot target for investors after its major competitor in the multi-channel network (MCN) industry, Maker Studios, was purchased by Disney. After the Maker deal closed, Relativity Media–which had previously made a last-minute bid for Maker–reportedly offered $350 million to buy Fullscreen. A wave of rumors followed, with Time Warner, AOL, and Yahoo all linked to Fullscreen.

In the end, though, it was The Chernin Group and AT&T that won the Fullscreen sweepstakes. Peter Chernin‘s media company has invested in Fullscreen in the past, co-leading a $30 million investment round in the MCN back in April 2013. With Chernin looking to team up with AT&T to form a $500 million online video venture called Otter Media, it returned to Fullscreen. The deal will reportedly bring a majority stake in the MCN to Otter Media, where Fullscreen will likely become a cornerstone of AT&T and Chernin Group’s online video plans.

George Strompolos, who founded Fullscreen in 2011 after leaving a position at YouTube, will remain the company’s CEO, and will receive a “meaningful” stake in his company.

The Chernin Group, AT&T, and Fullscreen have all declined to offer comment at this point.

Facebook Comments

Don't miss out on the next big story.

Get Tubefilter's Top Stories, Breaking News, and Event updates delivered straight to your inbox.

This information will never be shared with a third party