CNN has acquired Beme, a social media startup launched by Casey Neistat, a YouTube superstar, and Matt Hacket, a former engineering executive at Tumblr.
Beme got off to a strong start thanks to Neistat’s powerful social reach but quickly lost momentum after hitting one million downloads. CNN will shut the app down, but its ideas will live on—the company plans to keep the team and launch a new startup, still to be headed by Neistat, according to the New York Times.
CNN’s acquisition is the latest of old media pouring money into millennial audiences. NBCUniversal recently invested $200 million in BuzzFeed and $200 million into Vox Media while AMC bought stake in Funny or Die.
Neistat announced on YouTube last week he was ending his famous daily vlog. With nearly six million subscribers, the filmmaker is among the platform’s more revered stars.
Neistat’s new startup is expected to launch next year.
Update: Beme was acquired for around $25 million, according to the Wall Street Journal.