New York Post

Viacom’s ‘Awesome’ buy

- By ALEXANDRA STEIGRAD

Viacom has made it official. The Redstone family-controlled New York media giant acquired Awesomenes­sTV, the youth-centric media company, from co-owners Comcast/NBCUnivers­al, Hearst and Verizon, it said Friday.

Terms of the deal were not disclosed, but reports put the sale price at around $25 million — a steep discount from the $650 million valuation the Los Angeles company had two years ago.

There’s been a “general decline of digital native” companies that “isn’t limited to Awesomenes­sTV,” a media industry source told The Post.

Translatio­n: Expect more digital media companies to sell for far less than their valuations.

At the same time, reports surfaced Friday that CBS boss Les Moonves was going to be accused of sexual misconduct in an upcoming New Yorker article.

Shari Redstone, the non-executive chairman of Viacom’s board, has been pushing for a merger of the company with CBS. Both companies are controlled by the Redstone family.

Moonves has been pushing back against such a move.

On Friday, Viacom shares spiked 4.6 percent, to $29.35, while CBS shares slipped 6.1 percent, to $54.01.

According to Viacom, Awesomenes­s will help accelerate its digital transforma­tion, bolstering the efforts of its recently launched Viacom Digital Studios. Awesomenes­sTV’s current CEO, Jordan Levin, is expected to leave the company once the transition of the sale is complete.

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