Sony officially owns AT&T’s Crunchyroll.

Sony’s deal to acquire Crunchyroll was first announced in December 2020 and sees Crunchyroll join Funimation, Sony’s existing anime streaming property, under one roof. The ultimate goal of the unification of the two anime properties under a single roof is to develop “a unified anime subscription experience as soon as possible,” said Tony Vinciquerra, Chairman and CEO of Sony Pictures Entertainment, in a statement.

The deal is priced at $1.175 billion, and AT&T — which had been reported by The Information to be shopping the service around for $1.5 billion — will use the funds to help pay down the debt it amassed from its spending on streaming. In a radical shift away from its streaming strategy, AT&T has since decided to release its media assets and focus on its core connectivity business. 

Meanwhile, Sony plans to use 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 said.