|By Business Wire||
|March 24, 2014 05:30 PM EDT||
Furthering its goal of bringing content to consumers on all the platforms they prefer, The Walt Disney Company (NYSE:DIS) has agreed to acquire Maker Studios, the leading network of online video content on YouTube.
Maker Studios shareholders will receive total consideration of $500 million, and a performance-linked earn-out of up to $450 million if the strong performance targets are met.
With more than 55,000 channels, 380 million subscribers and 5.5 billion views per month on YouTube, Maker has established itself as the top online video network for Millennials.
By acquiring Maker Studios, Disney will gain advanced technology and business intelligence capability regarding consumers’ discovery and interaction with short-form online videos, including Disney content.
“Short-form online video is growing at an astonishing pace and with Maker Studios, Disney will now be at the center of this dynamic industry with an unmatched combination of advanced technology and programming expertise and capabilities,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company.
“Disney is synonymous with the best entertainment and is the ideal partner for us, strengthening our position as the leading player in online video,” said Ynon Kreiz, Executive Chairman and CEO of Maker Studios.
Maker Studios will report to Disney Chief Financial Officer Jay Rasulo. Maker Studios will remain headquartered in Culver City, Calif., with operations in New York and London.
The transaction, which is subject to regulatory clearances, is expected to close in Disney’s third fiscal quarter.
About The Walt Disney Company
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive. Disney is a Dow 30 company and had annual revenues of $45 billion in its Fiscal Year 2013.
About Maker Studios
Maker Studios is a next-generation media and technology company and the world’s largest provider of online video content for Millennials. Maker Studios has more than 5.5 billion monthly video views and 380 million subscribers, targeting the coveted Millennial audience. Maker Studios is headquartered in Culver City, Calif., and has operations in New York and London.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements. Actual events may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, as well as from developments beyond the Company's control, including international, political, health concern and military developments and changes in domestic and global economic conditions that may affect our businesses generally. Additional factors are set forth in the Company's Annual Report on Form 10-K for the year ended September 28, 2013 under Item 1A, "Risk Factors," and subsequent reports.
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