Chernin's Otter Media buys a majority stake in Fullscreen Media

Otter Media, the joint venture between Chernin Group and AT&T, has purchased a big stake in YouTube multichannel partner network Fullscreen Media today.

Otter was launched back in April by Chernin and AT&T to purchase, launch, and manage a new generation of streaming video services, with the hope that one of them will become the next Netflix. More recently, the joint venture bought craft-oriented video site Creativebug to make this happen, and now it’s identified Fullscreen Media to do the same.

Fullscreen is one of the largest multichannel networks, which invites YouTube creators to partner up to enjoy the perks that a larger network can offer. Videos under Fullscreen’s network bring in over 4 billion views and have a combined total of 450 million subscribers on YouTube.

While financial terms of the deal were not disclosed, Otter’s stake is estimated to be worth between $200 million and $300 million, according to Re/code.

But Otter’s purchase is hardly first major transaction involving a YouTube network. Earlier this year Disney bought rival YouTube MCN Maker Studios for $500 million, Google invested big into gaming-focused video network Machnima, and Legendary Entertainment bought Felicia Day’s Geek & Sundry.