Sony Pictures Entertainment Inc. (SPE) and AT&T Inc.* (NYSE:T) today announced that SPE has completed its acquisition of AT&T’s Crunchyroll anime business through Funimation Global Group, LLC.
Anime streaming site Crunchyroll has been officially acquired by Sony’s Funimation (August 9). The acquisition price for the transaction is $1.175 billion, subject to customary working capital and other adjustments, with the proceeds paid in cash upon closing. AT&T intends to utilize the funds from this transaction to assist its debt reduction efforts, with the goal of achieving a net debt-to-adjusted EBITDA ratio of less than 2.5x by year-end 2023. The agreement allows Crunchyroll and Funimation to extend distribution for its content partners while also expanding fan-centric products for customers.
“We are very excited to welcome Crunchyroll to the Sony Group,” said Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation. “Anime is a rapidly growing medium that enthralls and inspires emotion among audiences around the globe. The alignment of Crunchyroll and Funimation will enable us to get even closer to the creators and fans who are the heart of the anime community. We look forward to delivering even more outstanding entertainment that fills the world with emotion through anime.”
“Crunchyroll adds tremendous value to Sony’s existing anime businesses, including Funimation and our terrific partners at Aniplex and Sony Music Entertainment Japan,” said Tony Vinciquerra, Chairman and CEO of Sony Pictures Entertainment Inc.
Source: Sony Pictures Press Releases