Enlarge / The logo may or may not last after the deal is complete. (credit: Rafael Henrique | SOPA Images | LightRocket | Getty Images )

Those of us who are old enough to have clear memories of video stores may remember the time when "Japanimation" comprised a single bottom shelf of battered VHS cases near the back of the shop. These days, however, anime distribution in the US is a billion-dollar business—or, more specifically, a $1.2 billion business, as that's what Sony is paying in cash to acquire Crunchyroll from AT&T.

Crunchyroll has more than 90 million users in 200 million countries, including more than 3 million subscribers to its streaming service, the companies said in a joint press release . It also distributes mobile games, manga, and merchandise and manages events. Sony will eventually be folding Crunchyroll into its existing Funimation anime distribution business.

Crunchyroll currently falls under the WarnerMedia division of AT&T, and it's not a surprise that AT&T is selling it off. The company is hemorrhaging pay-TV subscribers and trying to sell off the DirecTV division, which paid $49 billion to acquire only five years ago. (Recent reports say potential buyers are offering figures closer to $16 billion.)