AT&T closes $1.17B sale of Crunchyroll

Anime-focused subscription streaming service sold to Sony's Funimation Global Group.

August 10, 2021

1 Min Read

DALLAS – 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. Funimation is a joint venture between SPE and Sony Music Entertainment (Japan) Inc.'s subsidiary, Aniplex Inc. The agreement was first announced in December 2020.

Crunchyroll is a premier anime direct-to-consumer service with 5 million SVOD subscribers and growing. It serves 120 million registered users across more than 200 countries and territories offering AVOD, mobile games, manga, events merchandise and distribution. The deal provides the opportunity for Crunchyroll and Funimation to broaden distribution for their content partners and expand fan-centric offerings for consumers.

The purchase price for the transaction is $1.175 billion, subject to customary working capital and other adjustments, 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, with plans to reach a net debt-to-adjusted EBITDA of below 2.5x by year-end 2023.

Read the full announcement here.

AT&T

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