Chinese media platform iQIYI acquires mobile dev Skymoons for $190M
Chinese entertainment and streaming platform iQIYI has purchased mobile game studio Skymoons for $190 million.
The deal will see iQIYI nab a 100 percent equity stake in Skymoons, and could eventually rise to $300 million if the company meets various performance benchmarks over the next two years.
For those who aren't familiar with the Chinese outfit, Skymoons has developed and published a range of titles on iOS and Android, including Seer Superheroes, My Own Swordsman, and Legend of Three Kingdoms.
iQIYI claims the move will allow for the synchronized development and promotion of mobile games, films, anime, and comics based on the same properties.
"We are pleased to welcome Skymoons into the iQIYI family as we further broaden our comprehensive offering of entertainment content across multiple formats," said company CEO and Founder, Dr. Yu Gong.
"iQIYI has always been pursuing a diversified monetization model that fully leverages the IP value in our content. We believe Skymoons is a natural extension to our business and will strengthen iQIYI's media platform and our overall ecosystem."