Tencent Invests in Skydance

China’s Tencent has made a strategic investment in Skydance Media, which is behind the Netflix hit Grace and Frankie and the upcoming Altered Carbon.

The investment is part of a wider strategic partnership, which provides a global platform for project-level collaboration and will also allow Skydance to access Tencent’s expertise in Asia and gaming. The agreement includes the opportunity for Tencent to co-finance Skydance films, as well as to market, distribute and merchandise in China. The partnership also supports collaboration on other media initiatives, including TV, interactive and VR.

“We are thrilled and honored to be entering into a strategic partnership with Tencent, whose global reach and position within the Chinese marketplace is truly unmatched,” said David Ellison, founder and CEO of Skydance Media. “Skydance has experienced a tremendous amount of growth since our inception in 2010, and we’re excited that our next phase of expansion will be in partnership with a company that shares our vision for where entertainment is heading.”

James Mitchell, chief strategy officer at Tencent, added: “Skydance is nurturing successful entertainment franchises, especially in the action and science fiction genres, which are particularly popular in China. We believe this partnership will support Skydance’s expansion internationally, across media and into television production, and provide Tencent with attractive content that we can share with China consumers.”