Sony formally owns AT&T’s Crunchyroll.

Sony’s deal to accumulate Crunchyroll was first introduced in December 2020 and sees Crunchyroll be part of Funimation, Sony’s present anime streaming property, underneath one roof. The final purpose of the unification of the 2 anime properties underneath a single roof is to develop “a unified anime subscription experience as soon as possible,” stated Tony Vinciquerra, Chairman and CEO of Sony Pictures Entertainment, in an announcement.

The deal is priced at $1.175 billion, and AT&T — which had been reported by The Information to be procuring the service round for $1.5 billion — will use the funds to assist pay down the debt it amassed from its spending on streaming. In a radical shift away from its streaming technique, AT&T has since determined to launch its media property and deal with its core connectivity enterprise.

Meanwhile, Sony plans to make use of the Crunchyroll service to broaden its already substantial anime streaming footprint.

“With the addition of Crunchyroll, we have an unprecedented opportunity to serve anime fans like never before and deliver the anime experience across any platform they choose, from theatrical, events, home entertainment, games, streaming, linear TV — everywhere and every way fans want to experience their anime,” Vinciquerra stated.