Sony has announced that after months of negotiations, the acquisition of anime streaming service Crunchyroll is complete. The service joins fellow anime entertainment company Funimation as an official subsidiary of Sony.

The buyout is worth a whopping $1.175 billion, according to a press release. With its newfound resources, Crunchyroll can broaden its reach by distributing its content through various Sony channels like PlayStation. Similarly, Funimation will also take advantage of Sony's deep resource bag. It remains unclear when the two anime streaming networks will ever merge.

Chairman, president, and CEO of Sony Group Corporation, Kenichiro Yoshida, said the company is excited to welcome Crunchyroll to Sony.