China-based internet giant Tencent Holdings has bought a stake of 5% to 10% in U.S. company Skydance Media, is best known for blockbusters including three “Star Trek” movies and a pair of “Mission: Impossible” titles.
According to The Wall Street Journal, the production company is valued at $1.5 billion.
Tencent has its own streaming service Tencent Video, working on the principle of Netflix, access to a wider set of films will help the company to compete more successfully with other local players. In October last year, the number of active users of Tencent Video reached 457 million per month, and the number of paid subscribers - 43 million.
Skydance Media will be able to display its films in the Chinese market, since films created with the participation of Chinese studios do not fall under the rule of quotas on foreign films.