Warner Bros said today it has signed an agreement to acquire DramaFever, a U.S.-based company that operates subscription and on-demand video services. The deal, terms of which were not disclosed, comes after SoftBank acquired the outfit in October 2014 in what was to be that company’s latest foray into becoming a global Internet power. The new deal is expected to close in the second quarter.
The pact unveiled today includes DramaFever’s flagship DramaFever channel, which offers Korean television and film drama, as well as programming from other countries, to subscribers in the U.S. and around the world.
Time Warner recently acquired iStreamPlanet and launched SVOD services with HBO Now in the U.S., and Hollywood VIP in China in partnership with Tencent. Warner Bros said today DramaFever will be vital to the studio as it explores over-the-top scenarios.
“This is a great fit for Warner Bros,” said Craig Hunegs, President of Business and Strategy at Warner Bros Television Group. “With Warner Bros’ resources, we will rapidly enhance and grow the DramaFever channel. As importantly, we are bringing to Warner Bros a great and talented team, led by Seung Bak and Suk Park, that will move quickly with our own distribution and creative teams to create and build more OTT services.”
DramaFever co-founders Bak and Park will continue to oversee the company and report to Hunegs. It will continue to be based in New York.