(Bloomberg) – AT&T Inc. Crunchyroll, its anime video unit, is seeking to sell up to $ 1.5 billion, according to people familiar with the matter, following an attempt by the communications and media conglomerate to juggle noncore assets and increase cash .
The people asked not to be identified and talked about private consultation. The potential sale of Crunchyroll was reported earlier Wednesday by the Information, which Sony Corp. appointed as the interested buyer. A representative of the company’s Sony Pictures unit declined to comment.
Discovery of Crunchyroll’s sales had stalled and resumed last year as the WarnerMedia distribution division was restructured, first under John Stankey, now CEO of AT&T, and more recently by WarnerMedia CEO Jason Kilar.
Under Kilar, AT&T directs its online media strategy through HBO Max, its $ 15 per month streaming service. The goal is to make HBO Max a direct rival of Netflix Inc.
Crunchyroll was one of the first acquisitions made by Otter Media, a streaming video partnership founded in 2014 between AT&T and Chernin Group. The original purchase price was not disclosed.
AT&T has sold billions in assets over the past year, including its wireless company in Puerto Rico, data centers and its Hudson Yards New York offices, in an effort to raise money and pay off debt.
(Updates with Sony Pictures answer in second paragraph.)
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