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24 Jul

AT&T® Plans To Acquire The Balance Of Otter Media

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AT&T® Joint Venture Plans

One of the leading internet providers in the country, AT&T® is currently in talks with Peter Chernin to acquire the remaining part of Otter Media, the three-year-old joint venture between the two parties. Reports indicate that the latest move from AT&T® is a part of their wider effort to clean up a number of their joint ventures before they acquire Time Warner®.

Some of the joint ventures of the telecom giant, AT&T® include stakes in the NHL Network, the MLB Network, and the Game Show Network, but a few of AT&T’s joint ventures belong to their DirecTV® unit. Reports from several reliable sources claim that AT&T® might be buying out the stake of Chernin Group, but Peter Chernin will remain close to the telecom company.

It was earlier reported that Chernin has been discussing a closer relation with the telecom company and he might be even joining AT&T® in a corporate role. However, a spokeswoman who represented categorically denied such claims. “AT&T® is not pursuing Peter Chernin for a role, and there are zero discussions about such a relationship,” she said in a press release.

Reports also claim that the joint venture between the two parties, Otter Media, which has invested in a wide range of over-the-top ventures, might be approximately $1 billion worth. Otter Media owns a piece of Asian video hub Crunchyroll and how-to site Creativebu. Additionally, they also have a majority stake in the online media company named Fullscreen.

Some of the most recent project of Otter Media is a venture with Van Toffler, who is a former Viacom music executive for creating Gunpowder & Sky. Otter Media had also announced a joint venture with Reese Witherspoon, known as Hello Sunshine. The Hollywood actor had stated that the new venture would primarily focus on female driven projects.

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Time Warner® Accusation

In addition to that, Chernin Group is also the owner of Chernin Entertainment that houses a film and TV production unit. Chernin Entertainment, which is partially owned by Providence Equity, also backs a number of digital ventures such as Barstool Sports. However, reports indicate that AT&T® is not currently eyeing the production house.

Although one of the best internet service providers in the country, AT&T® is in the midst of acquiring Time Warner® to strengthen its grip in the video arena. However, they have been encountering strong opposition from a number of Senators and customers. Justice department officials are checking the contacts for the proposed merger at the moment.

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