Tencent Buys 28% of Video Producer
Tencent Holdings Ltd. will buy 28% of a filmed content producer from Beijing Enlight Media Co. Ltd., providing the former with new content for its leading online video service while netting a handsome profit for the latter.
Tencent’s video service is fighting a pitched battle for subscribers against rivals iQiyi Inc., which is backed by online search leader Baidu Inc.; and Youku Tudou, which is owned by e-commerce giant Alibaba Group Holding Ltd. A key area where each is hoping to distinguish itself is exclusive content, with all three making major investments to obtain and produce video products for which they have exclusive rights.
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