AT&T/ Chernin Group Joint Venture. Buys Creativebug For $10 Million; Renames JV Company
AT&T’s online-video joint venture with Chernin Group has made its first acquisition. It’s paying $10 million for Creativebug according to a SEC filing. San Francisco-based Creativebug was founded in 2012 and features more than 300 online classes on arts and crafts.
According to the Creativebug site, the service offers some free content alongside paid offerings, including unlimited access to workshops for $9.95 per month, and an a la carte option that hawks single workshops starting at $9.95 each. Workshop categories include bookbinding, crochet, embroidery, felting, kids crafts, patchwork, stamping and home decor.
AT&T and its partner, the Chernin Group, also renamed their over-the-top video joint venture company Otter Media which will be focused on acquiring, investing in and launching OTT video services, AT&T and The Chernin Group committed to invest $500 million in the venture when they announced it in April.