Tencent Literature, the publishing subsidiary of Chinese e-commerce giant Tencent, has bought control of leading Chinese film and TV producer New Classics Media for up to $2.25 billion (RMB15.45 billion). The price includes an earnings component, reflecting profits to 2020.
New Classics Media has produced films “Never Say Die” and “Legend of the Demon Cat” and TV series “The First Half of My Life” and “Tiger Mom.”
The news was announced in a regulatory filing to the Hong Kong stock market, where Tencent Literature is listed.
Tencent says the acquisition of such a major TV production house will help it unlock the potential of its vast literary library. It notes that a third of the top 50 movies and a quarter of the top TV series in China are literary adaptations. The figure rises to more than 50% for web series.
Integrating New Classics Media will allow Tencent “to adapt more high-quality literary content into popular television series,...
New Classics Media has produced films “Never Say Die” and “Legend of the Demon Cat” and TV series “The First Half of My Life” and “Tiger Mom.”
The news was announced in a regulatory filing to the Hong Kong stock market, where Tencent Literature is listed.
Tencent says the acquisition of such a major TV production house will help it unlock the potential of its vast literary library. It notes that a third of the top 50 movies and a quarter of the top TV series in China are literary adaptations. The figure rises to more than 50% for web series.
Integrating New Classics Media will allow Tencent “to adapt more high-quality literary content into popular television series,...
- 8/14/2018
- by Patrick Frater
- Variety - Film News
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