Sony invests $400m in Chinese video site Bilibili

Rui Chen, chairman and chief executive officer of Bilibili Inc., stands for a photograph during the company's initial public offering (IPO) outside of the Nasdaq MarketSite in New York, U.S., on Wednesday, March 28, 2018. Bilibili, China's top online platform for streaming animation, is poised to raise $483 million in its U.S. initial public offering, according to people with knowledge of the matter. Photographer: Michael Nagle/Bloomberg

Chinese video site Bilibili will receive $400 million equity investment from Sony Corp America, Bilibili said Thursday, as the two companies seek to further collaborate in entertainment to attract China’s Gen Z.

SCA, wholly-owned subsidiary of Sony Corp, will subscribe for 17,310,696 newly issued Class Z ordinary shares of Bilibili at $23.1071 per share, Bilibili said.

Upon closing, SCA will beneficially own approximately 4.98% of Bilibili‘s total issued shares, with a lock-up period of six months, it added.

Bilibili and Sony will further collaborate in the entertainment business in China, including in anime and video games, Bilibili said.

“Sony’s investment further aligns us with the world’s leader in entertainment and technology, which will enhance our capability to bring high-quality content and services to our growing community,” the company said.

Starting out as an animation site popular among teenagers, Bilibili is expanding into other areas such as documentary, esports, and music videos, attracting more than 130 million monthly active users.

Backed by tech giants Tencent and Alibaba, it signed a three-year contract worth 800 million yuan ($113 million) to broadcast League of Legends domestically as esports rapidly gain traction with the affluent younger generation.

Reuters

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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).

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  • 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.