China Literature Buys All Of Tencent Comics For $84,000,000

Posted in: Comics, Current News, Manga | Tagged: china, TenCent

Yesterday, China Literature Limited, China’s largest on-line publishing and e-book firm agreed to purchase Tencent for $84 million.

Yesterday, China Literature Limited, China’s largest on-line publishing and e-book firm, itself a a derivative of Tencent Holdings, agreed to purchase the animation and comics enterprise from its controlling shareholder, Tencent for $84 million. This contains all of Tencent Animation and Comics, their associated enterprise and IP rights of works, animation and movie tasks, together with the Tencent Animation and Comics App platforms. After the acquisition is accomplished, China Literature plans to manufacturing capability from Tencent  Animation and Comics to increase and improve China Literature’s current IP ecosystem.

Tencent Animation and Comics has been making a loss for the previous two years, dropping $26 million in 2021 and $15 million in 2022. With a guide worth for the corporate of $62 million, that is a big premium in buy worth.

Established in 2012, Tencent Animation and Comics is a home animation and comedian platform that features titles akin to The Outcast, The Fox Spirit Matchmaker, and Spare Me, Great Lord. The animated adaptation of The Outcast has had 6.5 billion video views on the platform. Already about 50% of Tencent Animation and Comics’ prime 30 best-selling titles originate from China Literature’s mental properties, stated Hou Xiaonan, CEO of China Literature. He said that this transaction will enrich China Literature’s upstream top-tier IP reserves, improve cooperation in novel-to-animation variations, speed up the method of visualizing textual IPs, and grow to be one of many driving forces for future progress. “Online literature has served as a rich vein of storytelling material for successful comics and animation, while comics and animation have created vivid imagery to accompany stories from our platform, significantly enhancing their IP value”. and that this acquisition will enrich China Literature’s reservoir of blockbuster IPs, bolster its pipeline of comedian variations and additional increase its manufacturing capability for animation, Hou stated. “We expect this alliance to become a key driver of China Literature’s future growth, and through robust synergies, we believe the combined entity will create more value than either party could achieve individually.”

Tencent has been closing down loss-making features of its enterprise, together with its seven-year-old live-streaming service Now on the finish of the 12 months. Shares of China Literature surged 13 p.c on the Hong Kong inventory market after the announcement. In future, China Literature has said it would use synthetic intelligence to hurry up manufacturing and distribution works.

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