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Exclusive: China's Bilibili in talks to buy Yoozoo Games' stake in $765 million deal - sources

China's Bilibili is in talks to buy a 24% stake in Yoozoo Games as part of a nearly 5 billion yuan ($765 million) deal, two people said, as the online video site aims to tap its legion of young users to grow in the world's top gaming market.

  • The move comes after Bilibili, which is backed by Chinese technology giants Tencent Holdings and Alibaba Group Holding, raised about $2. 6 billion in a secondary listing in Hong Kong last month.
  • It also comes as Yoozoo, the video game company that is also known as Youzu Interactive, is facing management challenges after its chairman died under suspicious circumstances in December.
  • The gaming industry received a boost last year after the COVID-19 pandemic forced many residents to stay at home, driving up game downloads and boosting the revenues of the companies.

REUTERS.COM12 Apr, 2021

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