I’m guessing you didn’t expect to hear that today!
Tech news source Recode reports that AT&T intends to purchase Crunchyroll parent company Otter Media in its entirety. The telecom giant currently co-owns Otter with The Chernin Group. The purchase would give AT&T full control of Crunchyroll and FullScreen, among other organizations.
According to Recode, the deal has been in the works for several years, though it was put on hold as AT&T entered negotiations to purchase Time Warner. The deal is expected to close tihs summer. AT&T is expected to give Otter Media a $1 billion valuation at time of purchase.
AT&T has reportedly invested more than $500 million to the venture since 2014.
The Chernin Group, is owned by former News Corporation executive Peter Chernin, who 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.
AT&T recently completed an acquisition of Time Warner. the $85 billion deal faced opposition by the Department of Justice, who claimed that the deal was anticompetitive. On June 12, though, AT&T was given permission by U.S. District Court Judge Richard J. Leon to complete the deal.