Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, July 23, 2014

AT&T, Chernin Group close to deal to purchase YouTube network Fullscreen -tech blog, (NYSE: T)

AT&T Inc and the Chernin Group are close to buying a majority slice of Fullscreen, in a deal that will value the popular YouTube video network at $200 million to $300 million, tech blog Re/code cited sources familiar with the target company as saying. Otter Media, a joint venture between the telecom carrier and the media investment group, is finalizing a deal with Fullscreen, which has been courted by prospective buyers in past months, the blog reported on Wednesday.Under the deal now being hammered out, Fullscreen CEO George Strompolos, the ex-YouTube executive who started the company, will continue to run the video network and will retain a stake in the company, it said.AT&T could not immediately be reached for comment.

AT&T Inc. (AT&T), is a holding company. The Company is a provider of telecommunications services. Shares of T fell by 0.03% or $-0.0101/share to $35.93. In the past year, the shares have traded as low as $31.74 and as high as $36.86. On average, 22437300 shares of T exchange hands on a given day and today's volume is recorded at 12688924.