Tencent set to dominate online literature market
Chinese internet giant Tencent is expected to dominate the market for online literature after completing its acquisition of Shanda Cloudary, Shanda’s online literature company, reports the China Business News.
Tencent and Shanda recently reached an agreement to jointly set up a new company, China Reading, in the online literature space. A number of literary websites affiliated with Tencent Literature and publishing institutions under Shanda Cloudary will come under the management of the new company following the acquisition.
Tencent Literature CEO Wu Wenhui and former Shanda Cloudary CFO Liang Xiaodong will jointly serve as CEOs of the new company.