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China Literature takes over New Classics Media for $2.25 billion

Author : Paroma Bhattacharya | Published Date : 2018-08-15 

China Literature, the e-books unit owned by Tencent Holdings, the Chinese internet giant recently announced that it will be acquiring film and TV studio powerhouse New Classics Media. According to reliable sources, the deal that brings together one of China’s top video production outfits with the country’s largest original content development platforms, has been finalized for $2.25 billion.

New Classics Media is known for having participated in the production of numerous hit Chinese blockbusters and TV series. Some of its highest grossing titles include Never Say Die, Goodbye Mr Loser and Hello Mr Billionaire all of which have earned millions at the box office. Financial Times reports that the purchase of film and television production company comes as a result of China’s tech giants stepping up their investment in intellectual property and streaming rights in the media sector.

Reliable reports quoted the two partners to say in a statement that the transaction is a significant union of an unparalleled content library with the expertise of script development and production and they are looking forward to the deal unleashing the full potential of high-quality original literary content offerings.

China Literature was spun off from the Tencent and combines the myriad online publishing and e-books services of the company. Presently, it has a market cap of approximately $7.5 billion. Reports cite that online literature is a huge business in China ranging from digital comics to full length e-books, much of which is user generated but commands readership of tens of millions.

Apparently, China Literature monetizes its various reading platforms and integrates the services with WeChat and QQ, the leading social message services and online video offerings.

Wenhui Wu, Co-CEO of China Literature has been reported to say that China Literature is the leader in online literature market of China and will take the status to TV series, web series and films by being the provider of source material for the most watched content.

About Author

Paroma Bhattacharya

Paroma Bhattacharya

Paroma Bhattacharya, having completed her post-graduation in Journalism and Mass Communication, started her career in writing with resourceful and informative content development across diverse fields. Having dealt in myriad topics ranging from business to real estate, she now pens down articles for fractovia.org and other portals. She can be contacted at- [email protected] | https://twitter.com/paromab1

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