SoftBank announced today that it has reached an agreement to acquire DramaFever.
DramaFever, known for its catalog of Korean dramas, was founded in 2009 and raised a total of $12 million. The company calls itself “the largest online video destination for premium international television shows” and counts YouTube cofounder Steve Chen among its investors.
SoftBank and DramaFever declined to share the terms of the deal. Prior to the announcement of this deal, it was rumored that IAC would acquire DramaFever.
“We are delighted to welcome DramaFever to the SoftBank family and look forward to working with their talented team,” said SoftBank Internet and Media chief Nikesh Arora. “In five short years since going live, DramaFever has built an impressive Internet-based streaming video business operating at scale. [DramaFever cofounders] Seung Bak and Suk Park have a proven business model in a dynamic industry, and we look forward to helping them bring their highly popular video content to an even larger global audience.”