iQiyi buys stake in mobile game developer Skymoons
Skymoons will help broaden iQiyi's comprehensive offering of entertainment content across multiple formats, says CEO
iQiyi, one of the major online video platforms in China, has completed the acquisition of Skymoons Inc. and Chengdu Skymoons Digital Entertainment Co. Ltd., Yicai.com reported.
The 100% equity acquisition includes a fixed payment of 1.27 billion yuan (US$190 million), and an additional payment of 730 million yuan. The latter will be paid only if Skymoons can achieve its performance benchmarks in the next two years.
Headquartered in Chengdu, Skymoons focuses on the development and global publishing of mobile games.
It has reached cooperation agreements with a number of well-known international intellectual property giants, and is capable of developing and promoting mobile games based on all those resources.
Yu Gong, founder and CEO of iQiyi, believes Skymoons will help to further broaden their comprehensive offering of entertainment content across multiple formats.