DreamWorks Animation (NASDAQ:DWA) is in the process of acquiring AwesomenessTV, a "thriving" digital media company and teen-centric Youtube network.

According to terms of the deal announced today, DreamWorks will pay an up-front consideration of close to $33 million in cash for the digital media company. Should the merger's earnings goals be met, DreamWorks will make additional payments in 2014 and 2015. The maximum potential amount of the deal is $117 million.

AwesomenessTV currently has more than 14 million subscribers and 800 million total video views. Executives for DreamWorks believe the acquisition could give the animation company a stronger hold in the industries of both social media and digital content, while still allowing AwesomenessTV CEO Brian Robbins to manage the company on his terms.

"Awesomeness TV is one of the fastest growing content channels on the Internet today and our acquisition of this groundbreaking venture will bring incredible momentum to our digital strategy," DreamWorks' CEO Jeffrey Katzenberg was quoted as saying. Robbins' "expertise in the TV arena will be invaluable as we grow our presence in that space." 

The merger transaction is expected to close this month.

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