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Tencent Kicks Off Deal to Create $10 Billion Streaming Giant

  • It’s formally proposed a merger of leading apps Douyu and Huya
  • The WeChat operator seeks to create a service akin to Twitch
The Billion Dollar Race to Become China's Amazon Twitch
Photographer: Gilles Sabrie/Bloomberg
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Tencent Holdings Ltd. has proposed a deal to merge DouYu International Holdings Ltd. with Huya Inc., creating a Chinese game streaming leader akin to Amazon’s Twitch with a market value of more than $10 billion.

Tencent has offered to buy 30 million shares of Huya from part-owner Joyy Inc. -- itself a live-streaming service operator -- for $810 million, Joyy said. It separately proposed a merger via a share swap of Huya and Douyu, they said, confirming a deal Bloomberg News first reported last week.