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ScaleLab, a U.S.-based multi-channel network (MCN), will revert to David E. Brenner and Brenner Pass Investment Corp, a company owned by the former, for $12 million.
Yeah1 had earlier said that the transfer would take place within three days of the company issuing an official notice of the deal.
Yeah1 acquired ScaleLab in January for a reported $20 million. Of this, $12 million was paid upfront and another $8 million was to be paid later if business targets were achieved two years after the transaction.
With a roster of 1,750 influencers and 400 million subscribers, ScaleLab was expected to bring in around three billion YouTube views a month.
However, the decision to sell off ScaleLab was made after YouTube unilaterally terminated its content hosting agreement with all of the Vietnamese media giant’s subsidiaries following a policy infringement by a business unit partially controlled by Yeah1.
ScaleLab is an MCN that acts as an intermediary, connecting creators of video content and YouTube for a cut. Content creators in return receive benefits such as copyright protection, income tax support, access to IP licensed contents to develop new products, and optimized advertising.
