Sony Invests $400 Million in Chinese Video Site Bilibili

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Chinese video website Bilibili will obtain $400 million (roughly Rs. 3,000 crores) fairness funding from Sony Corp America, Bilibili stated Thursday, as the 2 firms search to additional collaborate in leisure to draw China’s Gen Z.

SCA, wholly-owned subsidiary of Sony, will subscribe for 17,310,696 newly issued Class Z bizarre shares of Bilibili at $23.1071 per share, Bilibili stated.

Upon closing, SCA will beneficially personal roughly 4.98 % of Bilibili’s whole issued shares, with a lock-up interval of six months, it added.

Bilibili and Sony will additional collaborate in the leisure enterprise in China, together with in anime and video video games, Bilibili stated.

“Sony’s investment further aligns us with the world’s leader in entertainment and technology, which will enhance our capability to bring high-quality content and services to our growing community,” the corporate stated.

Starting out as an animation website widespread amongst youngsters, Bilibili is increasing into different areas reminiscent of documentary, e-sports, and music movies, attracting greater than 130 million month-to-month lively customers.

Backed by tech giants Tencent, and Alibaba, it signed a three-year contract value CNY 800 million ($113 million) to broadcast League of Legends domestically as e-sports quickly achieve traction with the prosperous youthful technology.

© Thomson Reuters 2020

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