The leading online Chinese literature and IP incubation platform will acquire Tencent’s APP platform, intellectual property rights, and related rights to its content (animation, film and TV series projects) in a deal worth more than US$83 million.
China Literature Limited, a leading online literature and IP incubation platform, is set to acquire Tencent Animation and Comics assets from Tencent Holdings Limited, including its APP platform and intellectual property rights and related rights to its content (animation, film and TV series projects), for an aggregate cash consideration of RMB600 million (approximately $83,598,600 US).
Established in 2012, Tencent is a leading animation and comic platform in China, creating created such popular projects as The Outcast, The Fox Spirit Matchmaker, and Spare Me, Great Lord!. The animated series adaptation of The Outcast comic has accumulated over 6.5 billion video views. The upcoming TV adaptation, The Fox Spirit Matchmaker Yuehong, set for a 2024 release, has already garnered more than 3 million pre-registrations on the iQIYI platform.
Mr. Hou Xiaonan, Chief Executive Officer of China Literature, commented, "China Literature and Tencent Animation and Comics share a rich history of collaboration which has yielded remarkable accomplishments. It is worth noting that approximately 50% of Tencent Animation and Comics' top 30 best-selling titles originate from China Literature's IPs. Online literature has served as a rich vein of storytelling material for successful comics and animation, while comics and animation have created vivid imagery to accompany stories from our platform, significantly enhancing the IP value of the original written works. I am truly thrilled to welcome Tencent Animation and Comics into the China Literature family. This acquisition will enrich China Literature's reservoir of blockbuster IPs, bolster our pipeline of comic adaptations, and further expand our production capacity for animation. We expect this alliance to become a key driver of China Literature's future growth, and through robust synergies, we believe the combined entity will create more value than either party could achieve individually. Looking ahead, China Literature intends to leverage artificial intelligence technologies to empower the adaptation of online literature into animation and comics, accelerating the visualization process of text-based IPs and thereby enhancing the efficiency of our IP commercialization efforts."
Source: China Literature
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