Pursuits
Tencent Forms China Venture With Hollywood Talent Agency WME
- WME IMG already represents athletes, manages events in China
- Sequoia Capital is leading the investment in new venture
This article is for subscribers only.
Tencent Holdings Ltd., Asia’s biggest Internet company, is forming a joint venture with the Hollywood superagency William Morris Endeavor and Sequoia Capital to develop sports and entertainment businesses in China.
Sequoia Capital China, the private-equity company, is leading the investment, which is being joined by Tencent and FountainVest Partners, a China-focused investment firm, according to a statement Thursday. Financial terms weren’t revealed.