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Yahoo likely to buy YouTube content provider for $250 million

Last Updated: Friday, June 27, 2014 - 09:43

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.

Reuters
First Published: Friday, June 27, 2014 - 09:43
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