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Sony is set to pay $400 million for a minority stake in Bilibili, a Chinese online entertainment platform.
April 9, 2020
Chinese online entertainment platform Bilibili is planning on selling Sony a $400 million minority stake of its company, valued at $8 billion.
According to Variety, the transaction will be conducted through Sony Corporation of America, and will see Sony buy 17.3 million shares of Bilibili, just under 5 percent of Bilibili’s capital. The transaction will be an all-cash exchange.
Upon completion, the two companies say that they will sign an agreement to pursue collaboration opportunities in Chinese entertainment, including in the anime and mobile games sectors.
“We are excited to partner with Sony, the world’s leader in entertainment and technology,” says Rui Chen, chairman of the board and chief executive officer, Bilibili. “The strategic investment and business cooperation further align our goals to bring best-in-class content offerings and services to our users, as we increase our domestic stronghold in animation and mobile games. We look forward to joining efforts on a broader scale to fulfill the tremendous and growing entertainment needs in China.”
Bilibili is generally known as a hub for user-generated short-form content, but it has recently shifted to include more professionally generated content, longer-format films and documentaries. Recently, the company partnered with Discovery and China Intercontinental Communication Center for “COVID-19: Battling the Devil,” a documentary covering China’s battle with the novel Coronavirus.
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