According to The Wall Street Journal, Google Inc. (NASDAQ:GOOG) is in the final stages of acquiring Next New Networks. Next New is best known for producing viral videos for YouTube. The acquisition is believed to be worth tens of millions of dollars for the web video company.
The Next New team would work with YouTube to acquire more professional content. They would also be responsible for producing original web content in the form of a digital studio. Next New Networks was founded in 2006 and hosts several web series videos that relates to politics, food, and pop culture. Next New also teams up with other web video companies to distribute episodes through YouTube. Next New has not been making much revenue from ads and they raised $1 million in debt financing. Some of their investors include Fuse Capital, Saban Capital Group, Spark Capital, and Goldman Sachs.