The anime streaming company’s sale closed at $ 1.175 million.
5 min read
This story originally appeared on Cinema Premiere
By Gustavo Pineda
Sony Pictures Entertainment Y. AT T. today officially announced the sale of Crunchyroll (ATT) to Funimation Global Group, LLC. for an amount of $ 1,175 million. Funimation is a joint venture between Sony Pictures Entertainment Inc. and the subsidiaries Sony Music Entertainment (Japan) Inc. and Aniplex Inc.
In a press release, Sony announced that the transaction price is subject to working capital and other adjustments and that proceeds will be paid out in cash at the end of the purchase. The Japanese company further stated in the bulletin that “The combination of Crunchyroll and Funimation offers the opportunity to expand sales for your content partners and to expand the fan-oriented offers for consumers.”.
“We are proud to add Crunchyroll to the Sony family. Through Funimation and our great partners at Aniplex and Sony Music Entertainment Japan, we have a deep understanding of this global art form and are well positioned to deliver exceptional content to audiences around the world. Together with Crunchyroll, we will create the best possible experience for fans and a 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 harness the power of creativity and technology to thrive in this rapidly growing entertainment segment. “
Tony Vinciquerra, President and CEO of Sony Pictures Entertainment Inc.
What will happen to Crunchyroll now? The platform itself said in a press release that neither party will be able to share details until the purchase is complete, which has not yet received regulatory approvals.
“We know you will have many questions about this news, and we are sorry we cannot answer all of them right now. Crunchyroll and Funimation will continue to operate independently until the deal is closed. Despite this great news, we are still the Crunchyroll we were yesterday and we will keep bringing you more anime! “
Image: Via Cine Premiere
Last August, The information was the first point of sale to report that ATT offered Crunchyroll direct to Sony for $ 1,500 million. A few days later, diversity He would point out that the U.S. conglomerate actually set a starting price of $ 1,000 million for the sale, and Sony was just one of the many buyers in the negotiations. In recent weeks Nikkei Asia confirmed that Sony was already in the final negotiations to acquire the platform.
Sony was already well represented in the anime industry outside of Japan. In 2017, the company acquired a majority stake in Funimation, another American streaming platform that specializes in anime. By September 2019, the company decided to consolidate two more distributors on the international market under this brand: Wakanim and Madman Anime Group. The company is already present in the USA, Canada, Great Britain, Ireland, Australia, New Zealand, France, Mexico and Brazil. In Japan, Sony is the owner of the distributor and producer Aniplex.
For its part, Crunchyroll started as an illegal anime streaming service in 2006. Two years later, the website received funding to purchase licenses to broadcast anime in the United States. In 2013, the Chernin Group acquired a majority stake in the company, and ATT stepped into the picture a year later. ATT will complete the purchase of Crunchyroll’s assets in August 2018. The platform has 90 million registered users (3 million of which are subscribers) in more than 200 countries and territories, where they also offer manga, mobile games, merchandise and distribution of events.
“The Crunchyroll team did an exceptional job not only expanding 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 fans. By combining with Funimation, they will continue to foster a global community and encourage more people. I am incredibly proud of the Crunchyroll team and what they have achieved in digital media in such a short amount of time. They created a global ecosystem for this incredible art form from start to finish. “
Tony Goncalves, WarnerMedia’s Chief Financial Officer
Dear Readers, what do you think of Funimation’s acquisition of Crunchyroll?