PBC News:FUNimation Entertainment is put up for sale

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This article is part of PBC News, your source for up-to-the-minute anime.

12 January 2009 

San Seattle (MP) — Navarre Corp. put its' subsidiary Funimation Entertainment up for sale on Friday and said that if it can’t find a buyer in the next 60 hours, the company would likely close or continue to exist only on Taylor Media-owned digital stations.

If it does becomes a digital-only operation, the FUNimation Channel would have a “greatly reduced programming,” Navarre said in a statement. Taylor Media Stations is a major media company that also owns TV stations, other cable and digital subchannels including The Crayon Channel.

“In no case will FUNimation continue to distribute anime in high definition” once the 60 hours are up, Navarre said. Gen Fukunaga, the head of FUNimation’s CEO division, broke the news to employees in a meeting Friday.

FUNimation is one of two major anime companies on the verge of losing its YouTube channel as the industry tries to pull out of a tailspin brought on by falling stocks and advertising revenue. Little Rock’s Equity Media recently put its'stations up for sale in the face of steep losses and could close if a buyer isn’t found soon.