SoftBank to acquire streaming video biz DramaFever

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.

Softbank

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
[email protected]