Sony Corp. of America has purchased a US$400 million stake in Bilibili, the Chinese online entertainment platform catered to Gen Z audiences.
The transaction is expected to close on or before Friday (April 10), at which point Sony will own 4.98% of Bilibili.
As part of the deal, Bilibili and Sony will also enter into a business collaboration agreement to pursue opportunities within the entertainment business in the Chinese market.
Though the platform is largely known for animated, short-form content and games, Bilibili has expanded into non-fiction content having recently partnered with National Geographic for the docuseries The Hidden Kingdoms of China, which aired across the Disney-owned broadcaster in February.
In 2018, Bilibili struck a deal with Discovery to bring factual content — including documentaries — to its platform via a Discovery branded channel.
“The strategic investment and business cooperation further align our goals to bring best-in-class content offerings and services to our users, as we increase our domestic stronghold in animation and mobile games,” said Rui Chen, chairman of the board and CEO of Bilibili, in a statement. “We look forward to joining efforts on a broader scale to fulfill the tremendous and growing entertainment needs in China.”