Chernin Group acquires majority stake in Crunchyroll

The Chernin Group has acquired a majority stake in Crunchyroll Inc., an online video company that specializes in Japanese animation known as anime.

“Online video is growing faster than any other sector within media, and we feel that with Crunchyroll, we have a fantastic, anchor platform,” said Chernin Group Chief Executive Peter Chernin in a statement. Chernin added that he plans to expand the anime segment and enter new genres through additional channels.

The Chernin Group said Crunchyroll’s senior management will keep a “significant stake” in the company along with its existing investor, TV Tokyo Corp. Financial terms of the sale were not disclosed.

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Crunchyroll makes its content available through apps on devices including iOS and Android smartphones and tablets, video game consoles, set-top boxes and Internet-connected television sets. It’s available in 160 countries.

The company, founded in 2007, offers a free, ad-based service and a paid version with subscriptions starting at around $7 a month.

Said Crunchyroll Founder and Chief Executive Kun Gao: “This investment from TCG will allow us to provide an even better experience and service for anime producers and fans worldwide.”

Earlier this year, Chernin was one of the bidders for the video site Hulu, which is owned by 21st Century Fox Inc., Walt Disney Co. and NBCUniversal. The owners called off the sale in July, saying they would invest $750 million in the service to help it compete with Netflix Inc. and Amazon.com Inc.

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