Japan’s Softbank plans to acquire Korean TV show portal DramaFever, according to a press release published on Business Wire.
The five-year-old startup has raised US$12 million up to this point, some of that coming from YouTube co-founder Steve Chen. The site has a wide range of international TV shows, but is mostly known for its Korean dramas.
No terms of the deal were disclosed. A Softbank spokesperson said it plans to bring DramaFever’s video content to a larger global audience. Its content comes from over 70 major broadcasters throughout Asia, Europe, and the Americas.
DramaFever has been seeking new money or a buyer in recent months, and it was rumored that Vimeo owner IAC was interested to buy it.
In addition to subtitled foreign-language film and television, the company also co-produces some of its own dramas in Korea. They include Heirs and Tomorrow’s Cantabile.
See: Softbank announces partnership with ad tech startup Geniee
(Source: Business Wire)
Editing by Terence Lee
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