Digital studio Generate to Alloy

Generate, the digital-minded studio founded by former WB programming chief Jordan Levin, has been acquired by Alloy Digital, a division of youth-targeted producer Alloy, the companies announced Thursday. With Generate in the fold, Alloy will have an inhouse production machine for feeding the company's assortment of content enterprises serving the 12-34 market. Alloy is the company that co-produces teen-skewing TV series including ''Gossip Girl'' and ''Pretty Little Liars.'' "With this transaction, and with the strength of our combined management teams, we are now the leading next generation media company mirroring the best of both old Hollywood and the new digital era: cost-effective development and production, talent management, distribution, ad sales, social media and promotion all under one roof," said Alloy CEO Matt Diamond. Alloy itself was acquired by a group of investors led by ZelnickMedia in 2010. Purchase is Alloy Digital's biggest since acquiring YouTube sensation Smosh in 2010. Levin, who founded Generate in 2006, will stay on with Alloy and bring key members of his original team with him. Contact Andrew Wallenstein at andrew.wallenstein@variety.com