Warner Bros is to acquire US-based SVoD service DramaFever.
The streaming service, which specialises in South Korean TV and movie content, will be officially taken over by Warner Bros in the second quarter of 2016.
It will be the second ownership change in recent years, after Softbank purchased the company in late 2014 in a $100 million deal. This time, the fee involved has not been disclosed.
DramaFever was founded in 2009, offering a package of content from Korean free-to-air broadcaster MBC. Since then, it has also added content from other Korean channels, and has begun taking steps into original programming.
The move comes as part of Warner Bros plans to explore various OTT scenarios and establish more direct connections with its audiences.
DramaFever’s co-founders Seung Bak and Suk Park will stay with the company and report to Craig Hunegs, president, business and strategy, Warner Bros. Television Group.
“With Warner Bros.’ resources, we will rapidly enhance and grow the DramaFever channel,” Hunegs said.
“As importantly, we are bringing to Warner Bros. a great and talented team, led by Seung Bak and Suk Park, that will move quickly with our own distribution and creative teams to create and build more OTT services.”
Seung Bak added, “Combining our deep media sensibilities and experience in developing online video destinations with Warner’s vast library and production expertise will provide an unlimited number of opportunities to create the next generation of OTT services and internet TV brands.”
