Internet giant Yahoo has put in a bid of around $250 million to buy Fullscreen, a company which creates content for YouTube channels, Britain`s Sky News reported on Thursday.
Yahoo is looking to expand its reach to young consumers through the acquisition of the company, which generates more than 3 billion monthly views on Google Inc`s YouTube.
Yahoo faces competition from private investment firm Chernin for control of the California-based company, Sky quoted insiders as saying.
Chernin is already a shareholder in Fullscreen, having bought a stake in June last year along with the world`s largest advertising group, WPP and Comcast Ventures.
Chernin, owned by former News Corp executive Peter Chernin, is understood to have the right to buy Fullscreen at a previously-agreed price if other bidders do not offer at least $300 million, Sky reported.
Fullscreen was founded in 2011 by George Strompolos, a former Google executive.
First Published: Friday, June 27, 2014, 09:43