The China-based giants Alibaba Group and Tencent has announced it has invested in television show producer Shanghai Canxing Cultural and Broadcast Company, China Money Network reports.
According to a security filing, Alibaba has invested RBM200mn ($29mn) while Tencent spent RBM160mn ($23mn) to gain a 1.17% and 0.94% stake in the company respectively.
It is believed the investment will be made through Tencent’s subsidiary Tibet Qiming Music.
In 2010, Canxing was originally co-founded by prominent media company Star Group and Chinese Cultural Group who produces successful Chinese television programmes such as Voice of China and China’s Got Talent.
It is an unusual decision for both Alibaba and Tencent to invest together, however, the technology firms also recently confirmed its RBM10bn ($1.49bn) joint-venture for a series A round in China Media Capital.
It was revealed that Canxing raised a $3.2bn series A round from undisclosed investors in December 2017 with the firm revealing plans to go public in China this year.
In addition, China Money Network also reported that Alibaba and Tencent are discussing the potential purchase of a minority stake in British advertising and public relations firm WPP.