Demonstrating the complex competitive-yet-sometimes-collaborative business relationships between its tier 1 companies, arch rivals Tencent and Alibaba have both invested in media outfit Huayi Brothers.
In terms of mobile gaming, it's best known for its equity stakes in Chinese developers Yinhan and Ourpalm, but the majority of Huayi's business revolves around film and TV media.
The deal will see Tencent and Alibaba paying $210 million and $250 million respectively to each gain 8 percent equity in Huayi Brothers.
Alibaba will integrate its Yule Bao crowdsourcing media platform with Huayi's film and TV business and the companies will collaborate on five additional film projects, while Tencent gains the rights develop games based on Huayi Brothers' IP.
As with Alibaba, Tencent will collaborate over five films and Huayi gains the rights to make films based on Tencent game IP.