Areu Bros. Studio, an Atlanta-based entertainment studio, has acquired THEA, a local video-streaming platform, from the Metro Atlanta Chamber.
Areu Bros., the first major Latino owned and operated media studio in the country run by brothers Ozzie and Will Areu, will take ownership of the platform and shift the platform's focus to a new media services company. According to MAC, THEA will still help discover and create local content while also forging a relationship with Areu Bros. and Georgia talent.
“THEA had the incredible foresight to focus on the local experience when no one was focused on that space," Ozzie Areu, founder and CEO of Areu Bros., said in a statement. "Watching THEA launch and grow over the past year makes us very excited to welcome it into the Areu Bros. family. While OTT [which stands for over-the-top and initially referenced devices that go “over” a cable box to give the user access to TV content] remains a robust global market, we are certain that THEA will continue to define the locally-sourced streaming experience. We believe that we can provide THEA with the environment and resources that it needs to reach its potential to not only change the local viewing experience in this new era of TV, but also provide unprecedented access to creators here in Atlanta and beyond cementing further control of their own trajectories.”
In 2018, MAC launched the streaming platform from its ChooseATL initiative. Today, THEA includes 58 channels from Atlanta brands and creators such as the Woodruff Arts Center, BronzeLens, A3C, Blossom and Switchyards. Content on the platform, which is part of the Endavo network, is exclusively created by Atlanta users and ranges from comedy to lifestyle and culture to short films. The platform currently has 1.5 million viewers.
“The innovative thinking that led to the creation of THEA is the same innovative thinking that will take it forward with the Areu Bros. know-how, commitment to our community and leadership," Hala Moddelmog, president and CEO of MAC, said in a statement. "We will always be proud to have been the founding organization that birthed the first city-based OTT platform. We’re confident that THEA will continue to play an important role in our collective efforts to promote Atlanta, inspire young people and elevate the work of Atlanta-based creatives."
With the acquisition, the Areu Bros. plan to scale the platform and prepare THEA for commercial viability. The studio will expand THEA's content, identify a system of monetization that benefits both THEA and its content partners and broaden distribution.
"The exit will allow THEA to step forward into the next stage of growth, and we’re proud of the community that has sprung up around the platform," Deisha Barnett, chief brand and communications officer at MAC, said in an email.
Kate Atwood, former executive director of ChooseATL, will now serve as the new CEO of THEA starting November 1. She is the founder of Kate’s Club, a nonprofit based in Atlanta that serves children who've lost a parent or sibling, and the former executive director of the Arby’s Foundation.
