The deal, which is expected to close this month, could end up being worth as much as $117 million depending on how well AwesomenessTV does over the next two years.
The teen-oriented channel features talk shows, reality and scripted programs and sketch comedies. The company has released a movie with AMC Theaters and expects to have a television show on Nickelodeon.
Its network of more than 57,000 YouTube channels has 14.4 million subscribers. The more than 1 million videos on the network have been viewed 809 million times.
The announcement came a day after DreamWorks announced quarterly earnings that beat analysts' expectations on both revenue and profit, although both showed a decline.
Shares of DreamWorks, which is based in Glendale, were up $1.44, or 7.5 percent, to $20.72 in late trading Wednesday.
