Sony is set to add another anime streaming site to its portfolio after the company struck a deal with AT&T into acquiring Crunchyroll via Funimation for roughly $1.2 billion ($1.175 billion).

With the popular platform now under Sony’s wing, Crunchyroll will see itself merged with Funimation, which itself is a prominent anime streaming site, bolstering the company’s power over its target market.

As per Crunchyroll, it currently has 90 million subscribers from across 200 countries.

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In a statement by Funimation CEO, Collin Decker, he claims that the “union” between both platforms is a “win for anime fans around the world.” Particularly, in bringing the “art and culture” of anime to the next level in “decades to come.”

Both Crunchyroll and Funimation’s business models are based on a paid subscription service as direct-to-consumer anime streaming sites. While the former has ventured into producing its own content, similar to how Netflix is investing in anime, the latter is known for releasing day 1 dubs to its exclusive titles.

Source: Sony Pictures

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