'Spirited Away' won the Academy Award for Best Animated Feature in 2003.
Tokyo CNN  — 

The iconic Japanese animation company Studio Ghibli, which created internationally beloved films including “My Neighbor Totoro” and “Spirited Away,” has been sold to Nippon TV after failing to find a successor for its legendary co-founder and director Hayao Miyazaki.

The two companies’ board of directors met on Thursday and approved a resolution for Nippon TV to acquire shares of Studio Ghibli, making it a subsidiary of the television network, the companies said in a joint statement. The financial terms of the deal were not disclosed.

“With director Hayao Miyazaki now 82 years old and producer Toshio Suzuki also 75, Studio Ghibli has long been struggling with the issue of their successors,” the statement said.

Nippon TV will “permanently protect Studio Ghibli’s ‘craftsmanship’