Sony Pictures Entertainment and AT&T have announced that Sony’s Funimation Global Group has completed its acquisition of Crunchyroll from AT&T. The purchase price was US$1.175 billion, and the proceeds were paid in cash at closing.

AT&T expects to use the proceeds from this transaction to help support its debt reduction efforts.

The announcement did not reveal how or if the individual streaming platforms would merge or plans for subscription costs for users.

Crunchyroll’s own announcement reads:

“The two brands you know and love will be working together, and we believe this is a great thing for fans and the industry, alike! Both teams are knowledgeable, passionate, and have been committed to the anime community for decades. We couldn’t ask for better partners.

We know you may have questions! Today we begin the work of bringing two awesome teams together to bring you more of what you love. Thank you for your trust and support!”

Kenichiro Yoshida, chairman, president and CEO of Sony Group Corporation commented on the merger:

“We are very excited to welcome Crunchyroll to the Sony Group. 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.”

Sony Pictures Entertainment Inc. chairman and CEO Tony Vinciquerra said:

“Crunchyroll adds tremendous value to Sony’s existing anime businesses, including FUNimation and our terrific partners at Aniplex and Sony Music Entertainment Japan. With the addition of Crunchyroll, we have an unprecedented opportunity to serve anime fans like never before and deliver the anime experience across any platform they choose, from theatrical, events, home entertainment, games, streaming, linear TV — everywhere and every way fans want to experience their anime. Our goal is to create a unified anime subscription experience as soon as possible.”

Source: ANN