The world’s most prominent online video convention might be up for sale. According to Adweek, Paramount Global has hired the bank Oaklins DeSilva+Phillips to explore a potential sale of VidCon, the gathering that descends on the Anaheim Convention Center each June.
The conversations still seem to be in relatively early stages. The exact price tag VidCon could fetch hasn’t been determined, and neither Paramount nor Oaklins DeSilva+Phillips have commented on the report. Adweek‘s source did indicate that Paramount is hoping to sell VidCon to a strategic buyer rather than a private equity firm, and the event series is not seen as a “distressed asset.”
A VidCon sale could allow Paramount to reinvest in its core business. The media conglomerate has not yet achieved profitability on Paramount+, the streaming service that adopted its current name in 2021. “This is a consideration that has almost certainly been influenced by Paramount’s extraneous plans, but it also allows them to focus resources internally in more important areas,” Progress Ventures senior director Sam Thompson told Adweek.
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The first VidCon took place in 2010, with Vlogbrothers Hank and John Green serving as the convention’s original co-founders. VidCon’s steady growth led to its 2018 acquisition by Viacom; a year later, Viacom merged with CBS to form the entity now known as Paramount Global.
Attendance at VidCon Anaheim increased every year until 2019, when 75,000 creators and fans met up in Anaheim. After enduring multiple years of COVID-related cancelations, VidCon has not yet returned to its pre-pandemic highs. Last year’s VidCon Anaheim event improved on 2022’s numbers by drawing 55,000 attendees.
As VidCon continues to expand its flagship event, it has also branched out with creator-focused events around the globe. Last year, the brand came to Baltimore to host its first get-together on the East Coast. Both the Anaheim and Baltimore versions of VidCon are set to return in 2024, with YouTube serving as the title sponsor for both shindigs. VidCon Anaheim is up first; it will return to its usual home on June 26, 2024.
