China web giant Tencent buys into film maker

May 10, 2011
Chinese Internet giant Tencent has bought a 4.6 percent stake in mainland film and TV producer Huayi Brothers Media to look at possible ways to combine film and new media, the firms said Tuesday.

Chinese Internet giant Tencent has bought a 4.6 percent stake in mainland film and TV producer Huayi Brothers Media to look at possible ways to combine film and new media, the firms said Tuesday.

Tencent bought 27.8 million shares in Shenzhen-listed Huayi for around 450 million yuan ($69.2 million), or 16 yuan each, according to a statement filed with the Shenzhen Stock Exchange by Huayi.

"The strategic investment in Huayi is the first step of cooperation between two parties," Tencent president Martin Lau said in a separate statement, without elaborating on how they planned to integrate the two media.

Tencent, based in the southern Chinese export hub of Shenzhen, operates various online services, including instant QQ, QQ.com, games portal QQ Game, search engine soso.com and a mobile portal.

The firm, which said it has 647 million registered accounts, announced a plan in January to launch a five billion-yuan fund to invest in online gaming, e-commerce and new media companies.

China's fast-growing took a record 10.2 billion yuan at the box office in 2010, according to the State Administration of Radio, Film and Television, the country's movie regulator.

Explore further: Comcast wins more Internet customers, ad sales up

add to favorites email to friend print save as pdf

Related Stories

China's Tencent buys US Riot Games majority stake

Feb 06, 2011

Chinese Internet firm Tencent has taken a majority stake in US online game developer Riot Games less than two weeks after announcing plans to launch a $760 million fund to invest in such companies.

China Internet firms made to apologise over feud

Nov 22, 2010

Two of China's leading Internet firms have been forced by the government to issue public apologies over a nasty spat marked by accusations of unfair market practices and privacy infringement.

Police in China enlist Internet users for help

Dec 25, 2010

Police in China are offering cash and other rewards to encourage the country's millions of Internet users to help solve criminal investigations, state media said Saturday.

Baidu net income surges in 4th quarter

Jan 31, 2011

(AP) -- Baidu.com Inc., which operates China's leading search engine, said Monday that its fourth-quarter profit more than tripled to surpass Wall Street expectations, sending shares higher in after-hours trading.

Recommended for you

Comcast wins more Internet customers, ad sales up

1 hour ago

Comcast Corp.'s third-quarter net income jumped 50 percent in the third quarter, helped by a one-time tax settlement, growth in Internet subscribers and fewer defectors from its cable service.

Netflix to stream new online TV series, 'Bloodline'

2 hours ago

Fresh from commercial and critical success with hit shows "House of Cards" and "Orange is the New Black," Netflix on Thursday announced a new online series, "Bloodline," set for release in March.

Yahoo CEO defends strategy in face of criticism

10 hours ago

Signaling her reign has reached a pivotal juncture, Yahoo CEO Marissa Mayer is trying to convince restless shareholders that the long-struggling Internet company is heading in the right direction.

Sk Hynix logs all-time high Q3 earnings

10 hours ago

SK Hynix, the world's second-largest memory chip maker, reported Thursday a record high quarterly net profit for the three months to September on strong sales and currency earnings.

User comments : 0