SoftBank Internet and Media (SIMI) is set to acquire DramaFever, an online video business for television shows and movies.
Founded in 2009, DramaFever company has raised $12 million to date from its investors including AMC Networks, Bertelsmann, MK Capital, SoftBank Ventures, NALA Investments, and YouTube co-founder Steve Chen among many others.
SoftBank did not disclose the financial details.
Nikesh Arora, vice chairman of SoftBank Corp. and CEO of SIMI said: “In five short years since going live, DramaFever has built an impressive internet-based streaming video business operating at scale.”
Seung Bak and Suk Park are the co-founders of DramaFever.
The acquisition is one of the latest initiatives Nikesh Arora, who joined SoftBank from Google. SoftBank will be looking at taking DramaFever to more international markets.
Baburajan K
editor@telecomlead.com
