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.

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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.