Sony has had its eye on anime streaming service Crunchyroll for some time, and was set to spend a whole load of cash to get the service. Now, it's official, and Crunchyroll is a Sony brand, acquired from WarnerMedia for the price of $1.175 billion.

Sony is no stranger to anime. The actual purchase of Crunchyroll went through Funimation Global Group, LLC, which the official press release for the sale describes as "a joint venture between Sony pictures Entertainment Inc. and Sony Music Entertainment (Japan) Inc's subsidiary, Aniplex." Funimation, founded in 1994, is one of the longest-standing names in anime in Western territories. Aniplex came together a year later, and has been producing anime and music, as well as publishing games, ever since.

"The Crunchyroll team has done an extraordinary job of not only growing the Crunchyroll brand but also building a passionate community of anime fans. Crunchyroll’s success is a direct result of the company’s culture and commitment to their fans," said WarnerMedia's Chief Revenue Officer, Tony Goncalves, in an official statement.