China-based publisher B-ray Media has bought local internet and mobile entertainment firm Tencent-backed online games developer Beijing Gamegoo Information Technology. B-ray Media said it would purchase 70% stake of Gamegoo for RMB1.04bn ($160m), although a valuation adjustment mechanism means B-ray Media can buy the remaining 30% stake for up to RMB432M if the games developer’s revenues are at least zero. In September 2010, Qiming Venture Partners told news provider Sina Tech it had sold its Gamegoo stake to Tencent.

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