Yahoo has placed a bid of approximately $250 million to purchase Fullscreen, a company that creates content for YouTube channels, according to a report by Britain's Sky News.

Yahoo is attempting to expand its reach to young consumers through the purchase of the company, which attracts over 3 billion views on Google's video streaming internet site YouTube through 15,000 YouTube channels.

"Yahoo faces competition from private investment firm Chernin for control of the California-based company," Reuters said, citing Sky News.

Chernin is already a shareholder in Fullscreen.

The company purchased a stake in June 2013, aling with the world's largest advertising group, WPP and Comcast Ventures.

Chernin, which is owned by former News Corp executive Peter Chernin, is believed to have the right to purchase Fullscreen at a "previously-agreed price" if other bidders don't offer at least $300 million, according to Sky News.

Fullscreen was founded in 2011 by former Google executive George Strompolos.

Yahoo has declined to comment regarding the news.

It's been a big week for YouTube, as it announced that it will be debuting a new weekly radio show on satellite radio service Sirius XM later this month that will feature the video website's most popular and emerging artists, according to a joint statement released by both companies.

The show is called "The YouTube 15," and will be hosted by Jenna Marbles.

"Our nationwide audience tunes to SiriusXM Hits 1 as the home of the best pop music and the first place to play new artists and new music," said Scott Greenstein, SiriusXM's president and chief content officer, according to Variety.com. "With 'The YouTube 15,' we will take that promise of music discovery even further, delivering songs emerging from YouTube directly into the car and also through the SiriusXM app for smartphones and tablets."

Sirius XM has 25.8 million subscribers.

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