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DreamWorks buying AwesomenessTV for about $33M

The logo for YouTube's teen network, AwesomenessTV, is shown in this undated file photo.

May 2, 2013 12:00:00 AM PDT
Dreamworks Animation is buying AwesomenessTV, a YouTube teen network, for about $33 million.

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.