SoftBank Group to Acquire Premium Online Video Leader DramaFever
New York, NY(14 Oct 2014)
SoftBank Internet and Media, Inc. ("SIMI") and DramaFever Corp. ("DramaFever") today announced a definitive agreement under which SIMI will acquire DramaFever.
Founded in 2009, DramaFever has grown to become the largest online video destination for premium international television shows and movies, with content from over 70 major broadcasters and studios throughout Asia, Europe and the Americas. DramaFever has negotiated output deals that allow it to be the first to select the best titles from international broadcasters and distributors, which often contain exclusivity rights and same- or next-day distribution.
Nikesh Arora, Vice Chairman of SoftBank Corp. and CEO of SIMI said, "We are delighted to welcome DramaFever to the SoftBank family and look forward to working with their talented team. 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 have a proven business model in a dynamic industry, and we look forward to helping them bring their highly popular video content to an even larger global audience.”
DramaFever Co-Founder and Co-CEO, Seung Bak, said, "We have long had deep respect for Chairman Masayoshi Son and we are thrilled to be joining SoftBank at a time when Nikesh Arora will be leading a bold new venture for SIMI. Having operated as a young independent company to date, we believe we are positioned for unprecedented growth with the benefit of this new strategic partnership."
DramaFever Co-Founder and Co-CEO, Suk Park, added, "This is a triumphant day for our content partners who have demonstrated that engaging stories and characters transcend languages and borders. It is also a great day for our viewers, who can continue to expect DramaFever to bring them the best series and movies from around the world. With the support of SoftBank, we will be further empowered to curate the content that our increasingly global audience of young, passionate viewers loves."
Morrison & Foerster LLP acted as legal advisor to theSoftBank Group. The Raine Group LLC acted as financial advisor and Gunderson Dettmer acted as legal advisor to DramaFever.
About the SoftBank Group
The SoftBank Group comprises SoftBank Corp. and its subsidiaries and associates that offer a comprehensive range of mobile communications, fixed-line communications and Internet services around the world. With Sprint joining in July 2013, the SoftBank Group became a leading global carrier that now has over 100 million subscribers. Maximizing synergies across its Group companies worldwide, SoftBank aspires to realize lifestyle innovation through IT. The SoftBank Group is also encouraging the adoption of clean and safe energy through its business activities. To learn more, please visit http://www.softbank.jp/en/corp/
About DramaFever Corp.
DramaFever is the leading online destination for international television shows and movies.Founded in 2009 by Seung Bakand Suk Park, DramaFever’s mission is to be a destination for new cultural experiences through entertainment. It does this by curating premium series and films from 70 major broadcasters and studios throughout Asia, Europe and the Americas. Through DramaFever, millions of young, passionate viewers discover and enjoy hit shows from the around the world, with professional subtitles and in HD quality. Available on demand via DramaFever.com, as well as its applications on iPhone, iPad, Android, Roku, and Google TV, most ofDramaFever’s library of 700 titles and 15,000 episodes are made available to viewers on first-run, same or next day basis from original broadcast. DramaFever also syndicates a portion of its library to Hulu, Netflix, Amazon, and iTunes, with an overall reach of more than 20 million unique monthly viewers.
The company’s board includes founders Bak and Park, along with the former CEO of Yahoo, Ross Levinsohn, and Bret Maxwell, a Managing General Partner of MK Capital. The 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. For more information, visit: www.dramafever.com