Chinese video site Bilibili will receive an equity investment of $ 400 million (about Rs 3,000 crore) from Sony Corp America, Bilibili said on Thursday, as the two companies want to further cooperate in entertainment to attract Gen Z of China.
Bilibili said SCA would subscribe for $ 23.1071 per share for 17,310,696 newly issued Class Z ordinary shares of Bilibili, a wholly owned subsidiary of Sony.
Upon its closure, SCA would profitably own approximately 4.98 percent of the total issued shares of Bilibili, which had a lock-up period of six months.
Bilibili said that Bilibili and Sony will collaborate in the entertainment business in China, including anime and video games.
“Sony’s investment links us with the world’s pioneer in entertainment and technology, which will enhance our ability to bring high quality content and services to our growing community,” the company said.
Starting as an animation site popular among teens, Bilibili is expanding into other areas such as documentaries, e-sports and music videos, attracting more than 130 million monthly active users.
Supported by tech giants Tencent, and Alibaba, it signed a three-year contract worth CNY 800 million ($ 113 million) to broadcast the League of Legends domestically with the affluent younger generation increasingly profiting Does.
© Thomson Reuters 2020