Recode: AT&T Aims to Buy Out Crunchyroll's Otter Media This Summer
posted on by Karen Ressler
Technology news website Recode reported on Wednesday that AT&T plans to buy all of Otter Media, the company it currently co-owns with the Chernin Group, in a deal expected to close this summer. Otter Media is the digital holding company that operates Crunchyroll's parent company Ellation, among other video services.
Digital media news website Digiday also reported in November that AT&T had plans to make a deal for Otter Media. The website cited multiple unnamed sources within AT&T and Otter Media. Recode noted that sources familiar with the companies' plans have reported that the deal has been in the works for a few years, but was on hold due to AT&T's acquisition of Time Warner.
The Chernin Group acquired a majority stake in Crunchyroll in December 2013. The Chernin Group and AT&T formed the joint venture Otter Media in 2014, and Otter Media invested another US$22 million in Crunchyroll's parent company Ellation in November 2015.
Thanks to Cody Shay for the news tip.