Sony Corp is to buy AT&T Inc’s animation business Crunchyroll for US$1.175 billion, the two companies said yesterday, as the Japanese electronics conglomerate aims to beef up its entertainment content and distribution businesses.
The deal would give Sony access to Crunchyroll’s 3 million paying subscribers across more than 200 countries and regions, helping Sony compete more globally with entertainment giants such as Netflix Inc.
Sony’s Funimation Global Group, a US animation distributor with 1 million paying subscribers, would own Crunchyroll, currently part of AT&T’s WarnerMedia segment.
Photo:AFP
AT&T has been looking to monetize its non-core assets since CEO John Stankey took over in June. The latest deal would allow it to invest in other focuses of WarnerMedia, including content creation and gaming.
Despite Crunchyroll’s loyal following among anime fans, AT&T felt the anime streaming service was too niche for the broader audience its streaming service HBO Max wants to pursue, a source familiar with the company said.
The proceeds are to be paid in cash at closing, AT&T and Sony said.
Sony is boosting gaming and entertainment businesses under CEO Kenichiro Yoshida’s strategy to increase recurring revenue streams that cushion the impact of volatile hardware sales cycles.
Sony bought Funimation in 2017 for about US$143 million.
The animation business has been thriving recently on the record-breaking success of the Japanese animated film Demon Slayer — codistributed by Sony’s music unit Aniplex Inc.
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