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: China's Tencent buys Google-backed social networking firm

Related Stories

China's Tencent buys US Riot Games majority stake

February 6, 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

November 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

December 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

January 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

Google to serve next version of Android as 'Oreo"

August 22, 2017

An upcoming update to Google's Android software finally has a delectable name. The next version will be known as Oreo, extending Google's tradition of naming each version after a sweet treat.

Forget oil, Russia goes crazy for cryptocurrency

August 16, 2017

Standing in a warehouse in a Moscow suburb, Dmitry Marinichev tries to speak over the deafening hum of hundreds of computers stacked on shelves hard at work mining for crypto money.

Researchers clarify mystery about proposed battery material

August 15, 2017

Battery researchers agree that one of the most promising possibilities for future battery technology is the lithium-air (or lithium-oxygen) battery, which could provide three times as much power for a given weight as today's ...

Signs of distracted driving—pounding heart, sweaty nose

August 15, 2017

Distracted driving—texting or absent-mindedness—claims thousands of lives a year. Researchers from the University of Houston and the Texas A&M Transportation Institute have produced an extensive dataset examining how ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.