AT&T has announced it would sell its anime entertainment business Crunchyroll to Funimation Global Group, a subsidiary of Sony Pictures Entertainment, for $1.175 billion.
Crunchyroll is well positioned for the current environment. It has over 3 million streaming video on demand subscribers and over 90 million users around the globe.
In a statement, Tony Vinciquerra, Chairman and CEO of Sony Pictures Entertainment said, “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.”
The sale of Crunchyroll is a part of AT&T’s broader efforts to reduce leverage at the company, which is one of the most indebted in the world.