Internet giant acquires slice of Hollywood studio

Tencent partners Skydance for entertainment market expansion

Internet conglomerate Tencent Holdings Ltd is buying a stake in Skydance Media LLC, the Hollywood production company behind Terminator, as it expands its entertainment portfolio to draw a larger audience from home and abroad.

The gaming-to-social media giant has acquired an undisclosed minority stake in Skydance, the companies said in a joint statement released on Friday. The Wall Street Journal cited an unnamed source that the Chinese firm would hold a little less than 10 percent of the United States production studio. Tencent did not confirm this when contacted by China Daily.