China Literature, the e-books division of Tencent Holdings, has agreed to acquire TV Studio New Classics Media for $2.25 billion, according to The Hollywood Reporter.
The deal will see one of China’s largest content development platforms pair with one of the country’s top video production units.
Following the deal’s completion, New Classics Media will become a wholly owned subsidiary of China Literature. The studio's current management will remain in their positions, where they will continue to spearhead creative decisions.
New Classics is best known for its series “The First Half of My Life, Never Say Die,” “Goodbye Mr. Loser” and “Hello Mr. Billionaire.” China Literature, formerly known as Tencent Literature, was created last November by parent company Tencent and brings together the tech giant’s online publishing and e-books services. It is a publicly-traded outfit.
China Literature will support the transaction with $740 million in cash as well as $1.51 billion in stock.