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Sony Pictures Entertainment and AT&T announced on Monday that Sony‘s Funimation Global Group has completed the acquisition of Crisp from AT&T. The purchase price was US $ 1.175 billion and the proceeds were paid in cash at closing.
AT&T plans to use the proceeds of this transaction to support its debt reduction efforts.
The announcement did not reveal how or if the individual streaming platforms would merge or provide for subscription costs for users. Crisp“The two brands you know and love will work together, and we think it’s a good thing for fans and the industry! Both teams are knowledgeable, passionate and have been engaged in the anime community for decades. , we couldn’t ask for better partners.
We know you may have questions! Today we’re starting to put together two great teams to bring you more of what you love. Thank you for your trust and support! ”
FunimationHer blog also updated with the news but is currently unavailable at the time of writing.
Kenichiro Yoshida, president, president and chief executive officer of Sony Group Corporation commented on the merger: “We are very pleased to welcome Crisp to the Sony Group. Anime is a rapidly growing medium that captivates and arouses excitement among audiences around the world. Alignment of Crisp and Funimation will bring us even closer to the creators and fans who are the heart of the anime community. We look forward to delivering even more exceptional entertainment that fills the world with emotion through anime. ”
Sony Pictures Entertainment Inc. President and CEO Tony Vinciquerra said: “Crisp adds considerable value to Sonyexisting anime businesses, including Funimation and our great partners of Aniplex and Sony Music Entertainment Japan. With the addition of Crisp, we have an unprecedented opportunity to serve anime fans like never before and deliver the anime experience on any platform they choose, from cinema, events, home entertainment, games, streaming, linear TV – everywhere and in any way fans want to experience their anime. Our goal is to create a unified anime subscription experience as soon as possible.
Crisp and Funimation first announced the acquisition in December 2020 with a purchase price of US $ 1.175 billion. Technology website The Information reported in August 2020 that AT&T was offering Crisp To Sony for $ 1.5 billion and that Sony said “balk” about the price, which effectively values the streaming service at $ 500 per subscriber. Source of entertainment information Variety reported that AT&T was buying the business from several potential buyers outside of Sony Pictures Entertainment at this moment. Nikkei Asia reported later than in October Sony was in final negotiations for the Crisp acquisition. At that time, the newspaper reported that Sony “could end up spending over 100 billion yen ($ 957 million).”
Crisp Story
Crisp launched in 2006 as a streaming service offering anime titles without permission. The website secured US $ 4.05 million in its first round funding from Venrock and began licensing titles for streaming in 2008.
The Chernin Group has acquired a majority stake in Crisp in December 2013. The Chernin Group and AT&T formed the Otter Media joint venture in 2014, and Otter Media invested an additional $ 22 million in CrispEllation’s parent company in November 2015. AT&T then announced in August 2018 that it had acquired 100% of Otter Media.
The service had reached over one million subscribers by February 2017, and over five million subscribers this month.
Crisp and Viz Media Europe closed the deal for Crisp become the majority owner of Viz Media Europe Group last December. The companies announced the deal in September 2019. Viz Media Europe SAS (Simplified Joint Stock Company) announced in April 2020 that it had changed its name to Crisp SAS. Since the December 2019 agreement of Crispmajority ownership of Viz Media Europe, Crisp also owned the French anime distributor KAZÉ (the company was integrated into Viz Media Europe in 2009).
Sony History with Anime streaming services
Sony Pictures Television and Aniplex consolidated three Sony– anime acquisition and distribution companies owned – Funimation based in the United States, Wakanim based in France and Madman Anime Group based in Australia – into a single joint venture as of September 2019. Sony Pictures television networks acquired a majority stake in Funimation for 143 million US dollars in 2017. Funimation has ended its content sharing partnership with Crisp in November 2018, then signed a first streaming contract with Hulu in December 2018. Australian and New Zealand streaming service AnimeLab renamed in Funimation June 17.
In addition to Funimation, Sony owns subsidiaries of anime production companies A-1 Photos and CloverWorks by Aniplex.
Source: Press release
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