Deals
ChinaVision to Buy China Entertainment, Sell Stake to Tencent
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ChinaVision Media Group Ltd., a Hong Kong-based producer of films and television programs, said it agreed to acquire China Entertainment Media Group Ltd. for HK$2.02 billion ($259 million) in stock.
ChinaVision also plans to issue 619.4 million shares to a unit of Tencent Holdings Ltd., China’s biggest Internet company by revenue, at 40 Hong Kong cents each, according to a Hong Kong stock exchange filing yesterday. Proceeds from the HK$247.8 million sale will be used for working capital, the company said.