Skydance Media, LLC, the media company best known for various film projects as well as the video game Archangel, announced this week that they have entered into a partnership with Tencent Holdings, the parent company of Arena of Valor developer Tencent Games. As part of that partnership, Tencent is now an investor in Skydance.
The partnership "provides a global platform for project-level collaboration and will also allow Skydance to access Tencent's expertise in Asia and gaming to further build out its presence in these markets." Which is kind of awesome on both sides, but absolutely reinforces the obvious. Tencent is now one of the largest players in the mainstream western games market and seems to be moving into film and tv as well.
Partnership initiatives will include the opportunity for Tencent to co-finance Skydance films, as well as to market, distribute and merchandise in China. The partnership also supports collaboration on other media initiatives, including television, interactive (games) and virtual reality.
"We are thrilled and honored to be entering into a strategic partnership with Tencent, whose global reach and position within the Chinese marketplace is truly unmatched", said David Ellison, Founder and Chief Executive Officer of Skydance Media. "Skydance has experienced a tremendous amount of growth since our inception in 2010, and we're excited that our next phase of expansion will be in partnership with a company that shares our vision for where entertainment is heading."
"Skydance is nurturing successful entertainment franchises, especially in the action and science fiction genres, which are particularly popular in China. We believe this partnership will support Skydance's expansion internationally, across media and into television production, and provide Tencent with attractive content that we can share with China consumers." said James Mitchell, Chief Strategy Officer at Tencent.
Skydance are currently in production on the new Mission: Impossible film, Gemini Man, the next Terminator film, as well as Luck and Split, two animated films the media conglomerate is producing. They've also got the rights to Star Trek, G.I. Joe, World War Z, and Top Gun.
Goldman Sachs & Co. LLC acted as financial advisor and Latham & Watkins LLP acted as legal advisor to Skydance. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Tencent.