US-based video streaming site DramaFever was acquired by SoftBank Internet and Media, a newly formed subsidiary of telecommunications firm SoftBank for an undisclosed amount on Wednesday.
The deal provided an exit to media company Bertelsmann and cable network AMC, both of which participated in DramaFever’s $6m series B round in 2012.
Founded in 2009, DramaFever streams on-demand international television shows and movies online. The platform shows content from more than 70 broadcasters, and although it specialises in Korean content, it operates in Europe, Asia, US and South America.
Although the price was not disclosed, a report by Re/Code last month suggested media company IAC had entered talks with DramaFever over an acquisition that would have valued it at between $80m and $140m.
DramaFever raised $7.5m in equity funding and exiting investors also included venture capital firm MK Capital, which led the $4.5m first tranche of the company’s series B round, NALA Investments and assorted private investors. An additional $2.5m in debt financing was secured in August 2013.