Press "Enter" to skip to content

Chinese iQiyi Buys Mobile Game Developer

Nasdaq-listed video streaming service provider iQiyi Inc. said Tuesday it took over Chinese mobile game developer Skymoons Digital Entertainment Co. in a deal that could total 2 billion yuan ($299 million).

IQiyi paid 1.27 billion yuan up front. If Skymoons hits specified performance targets in the next two years, iQiyi will pay an additional 730 million yuan, according to the agreement.

The acquiring company said the deal will enhance its gaming business while complementing its video services.

Related Post

Facebook Moves into China, Subsidiary Opens in Han... US social media giant Facebook has finally moved into China by setting up a subsidiary in the country, a move widely viewed as to ramp up its presence...
China Tower Plans $8.7 billion Hong Kong IPO Chinese telecommunications tower operator China Tower is looking to open the retail book for its blockbuster IPO in Hong Kong in which it looks to rai...
Xiaomi Tumbled After Excluded From Stock Connect S... Chinese smartphone maker Xiaomi’s shares tumbled in Hong Kong on Monday, reversing four consecutive days of advances, as the company finds itself caug...
Chinese Fund Managers Dumping Biotech Stocks Amid ... Chinese fund managers have cut holdings and lowered the valuation of their biotech stocks in their portfolios in the wake of a fake vaccine scandal wh...