Tencent Becomes Shareholder of Skydance Media, Plans Entrance to Film and VR

Tencent recently invested in the Hollywood production company Skydance Media, the producer of Terminator Genisys, Mission: Impossible – Rogue Nation and Star Trek Beyond. Skydance was founded in 2010 by David Ellison, the son of Oracle Corporation CEO Larry Ellison.

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The two sides did not disclose the amount of the investment, but one insider told foreign press that Tencent‘s purchase gave it a 10 percent stake in Skydance Media. According to the purchase agreement, the company is valued at about $1.5 billion.

leiphone.com reported Skydance Media set up Skydance Interactive Department to expand into the game and virtual reality field in 2017. Skydance Interactive has about 70 employees dedicated to VR gaming, and it launched the VR game Archangel.

“We are excited to have a strategic partnership with Tencent,” said Skydance CEO David Ellison, “Skydance has gone through a lot of development, and we are glad that the next stage of development will be able to work with Tencent.”

Tencent‘s investment in the company will be part of a strategic partnership that will provide a global platform for project cooperation and help Skydance expand into Asian markets.

leiphone.com reported that Tencent would provide video production funds for Skydance and help distribute its works in the Chinese market. The two sides will also cooperate on television, interactive entertainment and virtual reality.