Chernin Group and AT&T’s Joint Venture Acquires Creativebug
Back in April, The Chernin Group and AT&T pledged $500 million towards a joint venture focused on over-the-top video services. Now, the venture has a name, Otter Media, and a brand, new acquisition, Creativebug, Inc.
Otter Media obtained Creativebug, a source for videos that instruct viewers on arts and crafts projects, from Demand Media. Launched in 2012 by Jeanne Lewis and Julie Roehm, Creativebug provides over 300 video workshops featuring designers and artists taking viewers through the steps of DIY crafts projects.
“Creativebug has inventively and successfully tapped into this powerful and engaged crafts audience who are passionate about making and creating,” the Chernin Group’s executive vice president, Sarah Harden, said in a statement. “Online video is the perfect medium to connect leading artists to their audiences across the globe, and the team at Creativebug has built out a very strong leadership position in this category.”
Creativebug, headed by CEO Ursula Morgan, marks the newest addition to Otter Media’s OTT video service portfolio, one that includes Crunchyroll video service (via a majority stake in the company). Otter Media’s overall aim is to focus on launching, investing in, and acquiring other video services like Crunchyroll and Creativebug, meeting the public’s desire for video on demand.
Photo credit: Reuters/Phil McCartenTags: at&t, craft videos, creativebug, Demand Media, DIY, otter media, The Chernin Group