China Online Game Developer Buys into Movie, Television Business
Perfect World takes controlling stake in Xinbaoyuan and Baohong
July 26, 2010 — Chinese MMORPG giant Perfect World Co. Ltd. has announced that its Beijing Perfect World Cultural Communication Co. Ltd. has agreed to buy a majority stake in both Beijing Xinbaoyuan Movie & TV Investment Co. Ltd. and Shanghai Baohong Entertainment and Media Co. Ltd.
Xinbaoyuan and Baohong are both engaged in the film and television program production and distribution business. Xinbaoyuan also has operations in the entertainment agency business and currently represents more than 20 celebrities.
Michael Chi, Chairman and CEO of Perfect World said, “We continue to see a lot of potential in the television and movie industry in China, and believe that our involvement in the broader entertainment industry will be beneficial to our core business. We believe the expertise, creativity and innovation, and strong reputation of both companies in the film and television industry will bring new, future growth opportunities to our company, while creating synergies with our core gaming business primarily through content generation and co-promotion.”
Perfect World Co. Ltd. has created such MMORPGs as “Perfect World,” “Legend of Martial Arts,” and “Perfect World II,” which are popular in China and have been licensed to companies in Asia, Europe and South America.
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