China Literature goes to the movies; investors see a flop

Tencent’s e-book unit buys Chinese film studio for $2.3 billion. It's betting on turning its huge stockpile of stories into big-screen blockbusters, but the deal is a horror show for its share price.
August 14, 2018

China Literature took a big step towards its ambition of becoming a full-fledged media and entertainment company on Tuesday as it agreed to acquire privately-held production house New Classic Media for Rmb15.5 billion ($2.3 billion).

¬ Haymarket Media Limited. All rights reserved.

Sign in to read on!

Registered users get 2 free articles in 30 days.

Subscribers have full unlimited access to FinanceAsia.

Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.

Questions?
See here for more information on licences and prices, or contact [email protected].

Related Articles

Maoyan IPO catches Tencent-Alibaba rivalry on film

With its online ticketing business Maoyan Entertainment looking to raise $345 million from its IPO, Tencent is set to go head-to-head against Alibaba on the Hong Kong stock exchange.
January 22, 2019

China SOE reforms could be M&A El Dorado

China's SOE reorganisation promises multi-billion-dollar deal opportunities amid a global resurgence in jumbo M&A deals, says Bank of America Merrill Lynch's Asia Pacific M&A head
August 19, 2014

Tencent Music's $1.1b IPO falls short

China’s dominant music distributor had hoped to overtake Spotify with its $1.1 billion New York IPO. But for now, Tencent Music still lags its main international rival.
December 12, 2018