Verizon Communications Inc (VZ.N) said it agreed to buy a 24.5 percent stake in AwesomenessTV and create a new short-form mobile video service as part of the deal.

DreamWorks Animation SKG Inc (DWA.O), which acquired AwesomenessTV in 2013, will remain its majority stakeholder, owning about 51 percent.

AwesomenessTV, owned by DreamWorks Animation and Hearst, will be valued at about $650 million once the deal is completed.

(Reporting by Narottam Medhora in Bengaluru; Editing by Shounak Dasgupta)

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