Tencent buys out New Classics Media

Chinese streamer Tencent’s publishing subsidiary China Literature has fully acquired local film and TV producer New Classics Media for US$2.25bn.

New Classics Media is behind Chinese blockbusters including Never Say Die and Goodbye Mr Loser. It also produced TV series The First Half of My Life and Tiger Mom.

Tencent hopes New Classics’ expertise will allow it to fully exploit China Literature’s library.

The New Classics senior management team will remain in their positions and continue to oversee creative decisions.

Earlier this year Tencent bought a 27% stake in New Classics Media from Enlight Media. The new transaction gives China Literature outright control.

The Chinese streamer also recently signed a three-year copro deal with the BBC in the UK.