You know, I don’t have anything witty to say here, so I’ll just present without comment.

Earlier today, Sumitomo Corporation of Americas announced that they entered a strategic partnership with The Chernin Group. Through the agreement, both companies will aim to expand their holdings in the media and entertainment industry, while gaining a foothold in the global entertainment business landscape.

Sumitomo Corporation of Americas is a subsidiary of Japanese trading company Sumitomo Corporation.

The Chernin Group Crunchyroll’s parent company. The company, which is owned by former News Corporation executive Peter Chernin, purchased a majority stake in Crunchyroll in December 2013. In 2014, The Chernin Group entered a joint venture with AT&T to form Otter Media. Otter Media has since taken on Ellation, which was assigned as parent to Crunchyroll.

In November 2015, Otter Media funneled another $22 million into Ellation. In October 2015, Crunchyroll and Sumitomo joined forces to create a new company that focuss on funding anime co-production projects.

In January, Ellation laid off seventeen employees.

Source: Animation Business Journal