All the sessions from Transform 2021 are available on-demand now. Watch now.
Otter Media, the recently rebranded video-focused joint venture between AT&T and Chernin Group, has acquired Demand Media’s Creative Bug, the companies announced today. Financial terms of the deal were not disclosed.
Otter Media has access to about $500 million in funding between its two parent companies, which will be used to acquire, invest, and launch streaming video services. Basically, it wants to find the next Netflix — or rather, the next “Netflix of…” something.
Creative Bug is one such video site, with a large library of how-to videos for arts and crafts activities. Otter notes that the do-it-yourself craft industry generates billions of dollars every year in the U.S. alone, which could be part of why it’s so interested in scooping up a streaming service with instructional content.
The move adds to Otter Media’s portfolio of video sites, including its majority stake in anime streaming video service Crunchyroll.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more