Yahoo!: Yes you, YouTube content-maker. GET IN MAH BELLY!
Purple Palace in competition for Fullscreen, report says
Yahoo! has put in a bid of $250m for YouTube content creator Fullscreen as it continues its policy of gobbling up firms to try to bolster its presence.
The Purple Palace is in competition with existing shareholder The Chernin Group for the media company, Sky News reported. Chernin Group is an investment vehicle that was launched by former News Corp exec Peter Chernin.
The firm is understood to have the right to snatch up Fullscreen at a previously-agreed price if other bidders do not offer at least $300m.
Insiders told the broadcaster that Yahoo! is willing to part with a quarter of a billion for the company, which generates three billion views per month, according to its website. However, aside from its main rival Chernin Group, it could also end up facing competing bids from AOL and Comcast.
Like many young tech firms, Fullscreen has grown fast, but has yet to turn a profit. The company provides a platform and a number of services to a global network of content creators and brands. It was set up by George Strompolos, an ex-Google and YouTube exec, in 2011.
Yahoo! said it would not comment on rumours. ®