[1] The Chernin Group said that Crunchyroll management and existing investor TV Tokyo would maintain a "significant" stake in the company.

[2][3] On April 22, 2014, AT&T and The Chernin Group announced the formation of a joint venture to acquire, invest in, and launch over-the-top (OTT) video services.

[5] On August 3, 2015, Variety reported that Otter Media would unveil Ellation, a new umbrella company for its subscription-based video services, including Crunchyroll.

[6] Ellation's services included VRV, which debuted in 2016, a video streaming platform described as targeting "geeks, gamers and lovers of comedy, fantasy and technology.

[13][14][15] In August 2018, the service announced an expansion into original content with the anime-inspired series High Guardian Spice, produced by Ellation Studios.

[20][21][22] The show wrapped production in autumn 2019, as noted by Raye Rodriguez,[23][24] the series creator, and Anime News Network, even though Crunchyroll missed deadlines for release in 2019 and 2020.