The Chernin Group (TCG) confirmed its acquisition of a majority stake in anime video distributor Crunchyroll. AllThingsD first reported the deal in October, according to TechCrunch.

The stake acquisition gives Peter Chernin's investment firm one of the largest streaming sites in the market. The site has viewers in over 160 countries all over the world, the report said.

TCG had sought to invest in video distributor Hulu earlier this year. Like Hulu, Crunchyroll also a free and ad-supported video offering. The anime streaming site also has a subscription video-on-demand package for anime fans. Subscribers can view anime videos online and on various devices including game consoles, phones, streaming video boxes, and tablets, the report explained.

Crunchyroll does not only provide video services. It also provides news, community, and e-commerce features for its viewers. With the new investment from Chernin, the company is expected to tap into new channels outside of its flagship anime vertical, TechCrunch reported.