Sony to Acquire Anime Distributor Funimation for $143 Million
Sony Pictures Television Networks will soon be the owner of U.S.-based anime distributor Funimation following an acquisition deal. Sony will reportedly purchase a 95 percent stake in the company for $143 million.
Funimation founder and CEO Gen Fukunaga will retain a minority stake in the company as well as his position. The deal will also see Funimation chairman John A. Kuelbs depart from the company.
In a joint statement with the company's lead investor Doug Deason, Kuelbs said, "We believe Sony, Gen and his team are uniquely positioned to lead Funimation and its fans into an exciting and entertaining future."
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J.P. Morgan, who acted as financial adviser to the deal, valued the two-decade-old company at $150 million. The deal is also subject to regulatory approvals as well as certain other closing conditions.
With the purchase of Funimation, Sony will own the rights to their catalog containing over 10,000 hours of content. This includes titles such as "Dragon Ball Z," "Cowboy Bebop," "One Piece," "My Hero Academia" and "Attack on Titan" as well as the smash hit anime movie "Your Name."
The acquisition also grants the rights to over 450 brands. This includes the streaming platform FunimationNow which provides English-dubbed anime for North American audiences.
This will augment Sony Pictures Television Networks' Animax which is centered around Japanese anime content. The multiplatform network currently serves 23 countries around the world including Japan.
According to Fukunaga, the deal will take Funimation to the next level with their long-established leadership in anime and Sony's direct access to creative pipelines in Japan.
Last year, Funimation also struck a deal with fellow streaming platform Crunchyroll to split anime distribution responsibilities. The former has been handling the distribution of English-dubbed anime while the latter takes care of subbed versions.
It is unclear whether the deal will be retained following the acquisition.
