The Walt Disney Co. has purchased Culver City YouTube network Maker Studios in a $500 million deal according to a statement released by the entertainment giant on Monday, confirming initial reports of the buyout last week.

The price could shoot up to $950 million should the company meet certain performance targets.

Maker’s youth-oriented network operates more than 55,000 YouTube channels and currently boasts more than 380 million subscribers and 5.5 billion views per month.

“Short-form online video is growing at an astonishing pace and with Maker Studios, Disney will now be at the center of this dynamic industry with an unmatched combination of advanced technology and programming expertise and capabilities,” said Disney Chairman and Chief Executive Robert Iger in the press release.

“Disney is synonymous with the best entertainment and is the ideal partner for us, strengthening our position as the leading player in online video,” said Maker’s Chairman and Chief Executive Ynon Kreiz in the statement.

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