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AT&T is buying Otter Media, the company announced Tuesday, confirming earlier reports and signalling the telecom giant is pushing ahead with its media-based M&A strategy despite continued challenges from the Justice Department.
AT&T already owned part of Otter Media and its video assets, but Recode reported in June it was looking to buy out the rest of the company at a valuation of around $1 billion. Terms of the deal were not disclosed Tuesday.
AT&T launched its media- and advertising-heavy strategy after completing its long-fought merger with Time Warner. CEO Randall Stephenson told CNBC after the deal closed that investors could expect "some smaller M&A in the coming weeks."