U.S.-based business operates video-on demand services
Warner Bros. has reached an agreement to buy DramaFever, a U.S.-based company that operates subscription and on-demand streaming-video services. The acquisition includes the company’s owned-and-operated streaming service, also called DramaFever, which is home to hundreds of Korean television shows and movies.
The company, which is being acquired from Japan-based SoftBank, also builds and operates streaming-video services for third parties. Terms of the deal were not disclosed.
The acquisition follows the purchase last year of streaming service iStreamPlanet by Warner Bros.’ corporate sibling Turner Broadcasting and the launch of streaming-service HBO Now by premium cable network HBO, another Time Warner-owned company.
“This is a great fit for Warner Bros.,” Craig Hunegs, president, business and strategy, Warner Bros. Television Group, said in a statement. “With Warner Bros.’ resources, we will rapidly enhance and grow the DramaFever channel.”
DramaFever co-founders Seung Bak and Suk Park will continue to run the company and will report now to Hunegs.
Founded in 2009 with 10 Korean television drama series, DramaFever was acquired by SoftBank in 2014 for a reported $100 million.