? Acquisition
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Chinese gaming giant Tencent (HKG: 0700) is about to acquire controlling stake in Guangzhou-based comic and animation studio Byment
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Tencent is close to acquire the shares from consortium of nine shareholders, including Chinese internet firm BAIOO Family. The latter has agreed to sell a 31.2% stake in Byment to Linzhi Lichuang Information Technology, Tencent’s investment entity, for $18m
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The deal will put Byment share value at $58m
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With an access to new resources, Byment will be able to increase its comic and animation production. Meanwhile, Tencent will get new IPs, additional power in comic market and valuable addition to its movie and gaming businesses
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In April 2017, Byment has closed series A round from Tencent. Raised funds allowed Byment to expand from comic into animation
? Products
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Byment is a Chinese comic and animation studio, with most of its animation videos being available on Tencent Video via subscription
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Among other works of the studio are such comic series as “Westward Journey”, “Strange Medicine and Ranshen”, “Law of Creation”, “Extreme Walker”, “Death Walker”, and animated adaptation of “Westward”
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Byment has also produced several marketing comics for Tencent’s tactical multiplayer FPS “CrossFire”
SOURCES: DEALSTREETASIA, KR-ASIA
