AT&T and Chernin Group announced their JV in April, announcing a commitment of $500 million in funding to acquire, invest in and launch over-the-top video services.
Creativebug, founded by Jeanne Lewis and Julie Roehm in 2012, features more than 300 do-it-yourself video workshops featuring instruction from artists and designers in the crafting community. Demand Media sold the site for $10 million in cash, according to an SEC filing Monday, after buying Creativebug in March 2013.
“Creativebug has inventively and successfully tapped into this powerful and engaged crafts audience who are passionate about making and creating,” said Sarah Harden, EVP at the Chernin Group. “Online video is the perfect medium to connect leading artists to their audiences across the globe.”
Creativebug’s existing team will remain with the company under the deal. That includes newly named CEO Ursula Morgan; Lewis, who is chief creative officer; Roehm, who is VP operations and partnerships; and VP of editorial and co-founder Kelly Wilkinson.
Otter Media’s existing portfolio of OTT video services includes its majority stake in Crunchyroll, a subscription and ad-supported video service for Japanese anime and Asian content.