China Literature Buys Animation Assets from Controlling Shareholder Tencent for $83.6 Million

China Literature Ltd., the country’s largest online publishing and e-book company and a spinoff of Tencent Holdings Ltd., agreed to buy the animation and comics business from its controlling shareholder Tencent for 600 million yuan ($83.9 million).

Tencent Animation and Comics has been making a loss for the past two years, losing 190 million yuan in 2021 and 111 million yuan in 2022. As of Sept. 30, the unit’s assets had a book value of 442 million yuan.