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.