The internet company has paid $31.8m for an 8% stake in media group ChinaVision, which has itself acquired the China Entertainment Media Group.
China-based internet company Tencent acquired an 8% stake in China-based entertainment company ChinaVision Media Group on Monday last week for HK$247m ($31.8m).
Martin Lau, president of Tencent said: "We are excited to become ChinaVision’s strategic investor and partner. Under the collaboration of both parties, we believe we can realize the synergies that this partnership can bring in future."
The funds raised from the stake sale will be used to strengthen ChinaVision’s working capital base as the company integrates its…
