In a surprising bit of news, Sony Pictures Entertainment and AT&T have announced that AT&T has agreed to sell the Crunchyroll anime business to Funimation Global Group, LLC, effectively merging the two most popular anime streaming platforms available.
Described as a win for fans around the globe, the agreement will have both companies operating independently until the regulatory review and approval is complete for the deal to close.
Here is the official press release from Sony Pictures Entertainment:
Crunchyroll is a premier anime direct-to-consumer service within AT&T’s WarnerMedia segment with more than 3 million SVOD subscribers and growing. It serves 90 million registered users across more than 200 countries and territories offering AVOD, mobile games, manga, events merchandise and distribution. The combination of Crunchyroll and Funimation provides the opportunity to broaden distribution for their content partners and expand fan-centric offerings for consumers.
“The Crunchyroll team has done an extraordinary job of not only growing the Crunchyroll brand but also building a passionate community of anime fans. Crunchyroll’s success is a direct result of the company’s culture and commitment to their fans,” said Tony Goncalves, Chief Revenue Officer, WarnerMedia. “By combining with Funimation, they will continue to nurture a global community and bring more anime to more people. I’m incredibly proud of the Crunchyroll team and what they have been able to accomplish in the digital media space in such a short period of time. They’ve created an end-to-end global ecosystem for this incredible art form.”
“We are proud to bring Crunchyroll into the Sony family,” said Tony Vinciquerra, Chairman and CEO of Sony Pictures Entertainment. “Through Funimation and our terrific partners at Aniplex and Sony Music Entertainment Japan, we have a deep understanding of this global artform and are well-positioned to deliver outstanding content to audiences around the world. Together with Crunchyroll, we will create the best possible experience for fans and greater opportunity for creators, producers and publishers in Japan and elsewhere. Funimation has been doing this for over 25 years and we look forward to continuing to leverage the power of creativity and technology to succeed in this rapidly growing segment of entertainment.”
The purchase price for the transaction is $1.175 billion subject to customary working capital and other adjustments, and the proceeds will be paid in cash at closing. The transaction is subject to customary closing conditions, including regulatory approvals.
Source: Sony Pictures
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