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Business deals

Tencent video unit buys stake in Chinese production house for $524mn

Internet company says deal will give it 'more control' over content

HONG KONG (Nikkei Markets) -- Shenzhen-listed film and television company Beijing Enlight Media said it sold its entire 27.64% stake in Chinese production house New Classics Media for 3.32 billion yuan ($524 million) to an affiliate of social-media-and-gaming major Tencent Holdings.

Enlight Media said the company signed an equity transfer agreement on March 10 with Linzhi Tencent Technology -- a company wholly owned by an industry fund set up by Hong Kong-listed Tencent -- to sell its stake in New Classics Media.

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