Sony Corp. has paid $400 million for a 4.98 percent stake in Chinese online entertainment player Bilibili. The all-cash deal for the minority holding, made through subsidiary Sony Corporation of America, will see Bilibili and Sony collaborate in entertainment businesses in the Chinese market, including anime and mobile games.
Bilibili, popular with China's Gen Z consumer market, also has broadcast and video-sharing businesses and has entertained younger Chinese audiences self-isolating through their coronavirus crisis.
Rui Chen, chairman and CEO of Bilibili, welcomed the Sony partnership with the popular anime and video platform. "The strategic investment and business cooperation further align our goals to bring best-in-class content.