Otter Media, a joint venture between AT&T and The Chernin Group that creates and acquires digital media brands, bought the remaining shares of two companies that it already majority owned.
Otter Media now fully owns digital network Fullscreen and Ellation — a brand formed in 2015 to encompass anime platform Crunchyroll and arts-and-crafts destination Creativebug. Otter purchased the remaining shares from Fullscreen CEO George Strompolos, who was a minority owner, and TV Tokyo, an early investor in Crunchyroll, Variety reports. VideoInk first reported the deal, and an Otter rep confirmed the transaction “marked a significant vote of confidence” in both the businesses.
In November, reports surfaced AT&T was nearing a deal to purchase The Chernin Group’s stake in Otter Media, which was formed in 2014 with a $500 million fund. However, that deal is likely on hold as AT&T’s proposed $85 billion purchase of Time Warner is being held up by an antitrust lawsuit from the Department Of Justice.
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Otter purchased a majority stake in Fullscreen in 2014, valuing the company at between $200 and $300 million, though Fullscreen has faced headwinds in recent months, including the shutdown of its subscription video service amid a round of layoffs. Otter’s other holdings include indie production company Gunpowder & Sky and Reese Witherspoon’s female-facing digital platform Hello Sunshine.