Chinese Netflix-like online video platform iQIYI has acquired mobile games developer Skymoons for $190 million.
The deal could rise by a further $108 million in additional payments depending on performance.
The acquisition comes just months after iQIYI floated on the US NASDAQ in an IPO worth $2.4 billion. The company is a subsidiary of internet search giant Baidu.
Cross-platform plans
Skymoons has published titles including Legend of the Three Kingdoms, Logres of Swords and Sorcery, My Own Swordsman and The Journey of Flower.
iQIYI said the deal would enable the synchronised development and promotion of mobile games, films, anime and comics based around the same IP.
“We are pleased to welcome Skymoons into the iQIYI family as we further broaden our comprehensive offering of entertainment content across multiple formats,” said iQIYI CEO Yu Gong.
“iQIYI has always been pursuing a diversified monetization model that fully leverages the IP value in our content. We believe Skymoons is a natural extension to our business and will strengthen iQIYI's media platform and our overall ecosystem.”
In February 2017 it was announced that Skymoons had opened a studio in Edinburgh, Scotland.
