Sony Announces Investment in the Chinese Entertainment Platform Bilibili Inc.
Sony Corporation of America - 04/09/2020
TOKYO, April 9, 2020 /PRNewswire/ -- Sony Corporation ("Sony") today announced that Sony Corporation of America ("SCA"), a wholly-owned subsidiary of Sony, has entered into a definitive agreement, pursuant to which SCA will subscribe for 4.98% of the total outstanding shares of Bilibili Inc.("Bilibili") (Nasdaq: BILI), a leading online entertainment platform for young generations in China, through the purchase of newly issued Class Z ordinary shares for an aggregate purchase price of approximately 400 million U.S. dollars.
Bilibili is a platform with a strong user following and a focus on Generation Z (individuals born between 1990 and 2009), the generation driving consumption of online entertainment in China. Bilibili is achieving growth through its main business areas including mobile games, livestreaming and distribution of video content such as professional user generated videos and animation.
Sony believes China is a key strategic region in the entertainment business, and this investment in Bilibili is in line with Sony's strategy. Additionally, Sony and Bilibili have entered into a Business Collaboration Agreement, pursuant to which the parties agreed to pursue collaboration opportunities in the entertainment field in China, including animation and mobile game apps.
This investment in Bilibili is not anticipated to have a material impact on Sony's consolidated financial results for the fiscal year ending March 31, 2021.