Tencent-backed China Literature Acquires Chinese Digital Producer New Classics Media for $2.2B

China Literature — the Tencent e-publishing venture that went public with a US$1 billion IPO last November— announced that it would acquire Chinese digital production company New Classics Media for around RMB 15.5 billion (US$2.2-2.3 billion), according to a media report. WeChat owner Tencent paid existing backer Chinese VC Enlight Media US$524 million for a 27.64% stake in New Classics Media in March this year, valuing NCM at about US$1.9 billion then. For the latest deal, China Literature said it will pay RMB5.1 …

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