(Reuters) - 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.
(Reporting by Tasim Zahid in Bangalore, editing by David Evans)
Trending On Reuters
The Apple Watch launched quietly around the world on Friday without the usual frenzy or fanfare for an Apple Inc rollout, as a handful of boutiques in major cities like Tokyo and Paris sold the timepiece - but not for purchase at its own stores. Read
RBI chief Rajan calls for formal financing routes for farmers - report Full Article
Gurpreet Singh Sandhu becomes first Indian footballer to play for a top-tier European club. Full Article
Olympian Bruce Jenner makes transgender history by identifying as a woman Full Article