The Japanese entertainment giant Toho has agreed to buy the Oscar-winning animation business GKIDS, the companies said Tuesday.

The deal gives Toho access to GKIDS, a reputable North American distribution and sales company that was founded in 2008 and has developed into a significant force in the animation sector. Bringing beloved films like "Song of the Sea," "The Breadwinner," and "Wolfwalkers" to North American audiences, GKIDS, the domestic guardians of the Studio Ghibli collection, has created and released artist-driven animation.

Hayao Miyazaki and Studio Ghibli's "The Boy and the Heron," which received 13 nominations for best animated film, won the Oscar for GKIDS earlier this year.

On the other hand, Toho is home to globally recognized brands like Godzilla and popular anime shows like "My Hero Academia" and "Jujutsu Kaisen." As the company has collaborated with GKIDS for years on projects like "Weathering With You" and "Spirited Away: Live on Stage," it aspires to develop and broaden its reach outside Japan.

"Dovetails perfectly with Toho's own strengths and strategic mission," Toho president and CEO Hiro Matsuoka said in a statement on GKIDS' unique position in the U.S. sector. This partnership accelerates Toho's goals to prioritize animation, open up foreign markets, and promote IP creation while providing consumers worldwide with excellent Japanese and animated entertainment.

Eric Beckman, the creator of GKIDS, will remain CEO, and Dave Jesteadt will remain president. Both said the company will continue as it has, "but now with the support of a very helpful and renowned parent company."

No details about the financial terms were given.