Mountain View, Calif.—YouTube has acquired video production company Next New Networks to help contributors develop better original content and attract advertisers.
The company's new YouTube Next division, formed from the acquisition, will be used to help members of YouTube's Partner Program develop more professional videos. Partner Program members share in the revenue of ads placed next to their videos, and better content is seen as a way to attract more ads.
Terms of the deal were not released by YouTube, but Canada Business Review has pegged the acquisition at $50 million.