New York’s Verizon Communications Inc. has agreed to purchase a 24.5 percent stake in online media company AwesomenessTV of West Los Angeles for around $160 million.

The deal values AwesomenessTV at roughly $650 million. Verizon has also signed a multiyear agreement with AwesomenessTV to create short-form scripted and unscripted video content, which will be distributed within Verizon’s streaming-video app go90.

“In addition to delivering compelling scripted and non-scripted series with high production values, AwesomenessTV has demonstrated an ability to zero in on programming that Gen Z and millennials want to watch,” said Marni Walden, Verizon executive vice president and president of product and new business innovation, in a statement. “The content AwesomenessTV has produced for go90 has exceeded all our expectations with shows such as Guidance and Top Five Live. That’s why we want to be in the AwesomenessTV business.”

DreamWorks Animation SKG Inc. of Glendale purchased a majority stake in AwesomenessTV in 2013 for $33 million. After Verizon’s investment, DreamWorks Animation will retain a 51 percent stake in AwesomenessTV and Hearst Corp. of New York will retain a 24.5 percent stake.

Technology reporter Garrett Reim can be reached at greim@labusinessjournal.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.

For reprint and licensing requests for this article, CLICK HERE.