Sony Pictures Television Networks acquired a 95 percent stake in Funimation for $143 million, in a move that is expected to boost its global offering of anime.
Sony Pictures is taking a majority stake in the distribution response for smash-hit anime series "Dragon Ball Z" and others. Current CEO Gen Fukunaga will retain his position with his 5% share. The firm also sells directly on its site, where DVDs and general merchandise are also available.
'With Funimation's long-established leadership position in anime and Sony's direct access to the creative pipeline in Japan, it will be a great partnership to take Funimation to the next level'.More news: Scripps Networks Interactive, Inc. (NYSE:SNI) Experiencing Unusual Activity Mid-day
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With the Sony Pictures Television Networks deal, chairman John A. Kuelbs will depart from Funimation. Earlier today, news confirmed the anime distributor reached a deal with Sony Pictures TV, and the latter has agreed to acquire Funimation for several pretty pennies.
Sony also has its own anime cable channel, called ANIMAX.
On Tuesday, upper management said at the earnings press conference at Sony's Tokyo headquarters that "there are hundreds of Marvel characters; we will be proactively leveraging such IP going forward", THR reports.
J.P. Morgan Securities LLC acted as exclusive financial advisor to Funimation along with Kelly Hart & Hallman LLP acting as exclusive legal advisor.