SoftBank Internet and Media Inc. (SIMI) said it will acquire DramaFever Corporation, a premium web video service offering Korean TV programs online.

The Tokyo-based telecommunications and Internet intends to have access to a variety of films, TV and online programming for networks controlled by DramaFever.

Like Us on Facebook

Prior to the SoftBank deal, DramaFever has raised US$12 million in funding from investors like AMC Networks, Bertelsmann, MK Capital, NALA Investments and SoftBank Ventures.

In 2009, Seung Bak and Suk Park founded DramaFever that streams 700 titles and 15,000 episodes of global content from over 70 global broadcasters and studios in Asia, the U.S. and Europe.

Its syndication agreements with Hulu, Netflix, Amazon, and iTunes give DramaFever an overall reach of more than 20 million unique monthly viewers, reports said.

"SoftBank is delighted to welcome DramaFever to their family and look forward to working with their talented team," said SoftBank Internet and Media chief Nikesh Arora in a statement.

The Tokyo-based company will help the Internet-based streaming video service "bring their highly popular video content to an even larger global audience," Arora added.

SoftBank and DramaFever declined to disclose the terms of the acquisition, reports confirm.

Aside from DramaFever, the Softbank group is also in talks to buy DreamWorks Animation for US$3.4 billion.

TagsDramaFever, SoftBank, Softbank acquires DramaFeve