Softbank has snapped up Korean streaming video service DramaFever for an undisclosed sum in the Japanese telco’s latest move to help it diversify.
The online content provider was reported earlier this month to have been put up for sale for as much as…
Softbank has snapped up Korean streaming video service DramaFever for an undisclosed sum in the Japanese telco’s latest move to help it diversify.
The online content provider was reported earlier this month to have been put up for sale for as much as US$140m, attracting suitors such as US entertainment group AMC Networks and European broadcaster RTL. It is also reported to have generated more than US$20m in revenue last year.
The group, which was founded in 2009 and boasts a library of 700 titles and 15,000 episodes, said in a statement that it has raised US$12m to date from investors including Softbank and AMC.
“Having operated as a young independent company to date, we believe we are positioned for unprecedented growth with the benefit of this new strategic partnership,” said DramaFever co-founder and co-CEO Suk Park.
Softbank hired Morrison & Foerster for legal advice on the deal. DramaFever mandated The Raine Group as financial adviser and Gunderson Dettmer as legal adviser.
It is the latest in a string of online content acquisitions for the Japanese telco, which is looking to branch out from its domestic market and diversify its portfolio.
The group is reportedly set to lead Indian online retailer Snapdeal’s move next week to raise US$600m-US$650m from existing investors to expand operations, marking the largest ever investment in India’s e-commerce sector.
On 3 October, Softbank announced plans to invest US$250m to create a joint venture with Legendary Entertainment, the US-based media giant.
