Chinese tech giant Tencent, Alibaba invest $53m in TV producer Canxing

Photo by: Austin Neill/Unsplash

Television show producer Shanghai Canxing Cultural and Broadcast Company has raised $53 million funding from internet giants Tencent Holdings and Alibaba Group, it said in a security filing dated on July 16.

The filing said Alibaba and Tencent invested RMB200 million ($29 million) and RMB160 million ($23 million) respectively, gaining 1.17 per cent and 0.94 per cent stake in Canxing. Tencent made the investment via its unit Tibet Qiming Music.

Last December, the production company raised a $3.2 billion Series A from undisclosed investors to help it go public by this year.

Founded in 2006, Canxing had previously produced highly popular shows in China including China’s Got Talent and The Voice of China.

It was embroiled in a trademark dispute when producing The Voice of China. The reality singing show brand and its related intellectual property were bought over by another television show producer Zhejiang Talent Television & Film.

The internet giants are putting their bets in the content sector. In early July, both Tencent and Alibaba have bought stakes in state-linked media company China Media Capital (CMC) – dubbed the Chinese version of Rupert Murdoch’s News Corp, in a $1.5 billion round.

Subsequently, Sky News had reported that Tencent and Alibaba, along with CMC, are in talks to pick up a minority stake in advertising giant WPP’s Chinese unit.

Also read:

Alibaba, Tencent in talks over stake in WPP’s Chinese unit: Report

Alibaba, Tencent lead $1.5b investment in Chinese media group CMC

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.