iQIYI Announces Acquisition of Skymoons
July 17 2018 - 7:00AM
iQIYI, Inc. (Nasdaq:IQ) (“iQIYI” or the “Company”), an innovative
market-leading online entertainment service in China, today
announced that it has completed the acquisition of 100% equity
stake in Skymoons Inc. and Chengdu Skymoons Digital Entertainment
Co., Ltd. (together with Skymoons Inc., “Skymoons”). Headquartered
in Chengdu, China, Skymoons focuses on the development and global
publishing of mobile games. Skymoons has entered into cooperation
agreements with a number of renowned international IP powerhouses
with respect to the synchronized development and promotion of
mobile games, films, anime and comics based on the same source
materials. The aggregate consideration consists of a fixed payment
of RMB1.27 billion, as well as additional consideration valued at
RMB730 million as of June 30, 2018 to be delivered in the event the
acquiree satisfies the agreed upon performance benchmarks in the
next two years.
Dr. Yu Gong, Founder and Chief Executive Officer
of iQIYI, commented, “We are pleased to welcome Skymoons into the
iQIYI family as we further broaden our comprehensive offering of
entertainment content across multiple formats. 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.”
About iQIYI,
Inc.
iQIYI is an innovative market-leading online
entertainment service in China. Its corporate DNA combines creative
talent with technology, fostering an environment for continuous
innovation and the production of blockbuster content. iQIYI’s
platform features highly popular original content, as well as a
comprehensive library of other professionally-produced content,
partner-generated content and user-generated content. The Company
distinguishes itself in the online entertainment industry by its
leading technology platform powered by advanced AI, big data
analytics and other core proprietary technologies. iQIYI attracts a
massive user base with tremendous user engagement, and has
developed a diversified monetization model including membership
services, online advertising services, content distribution, live
broadcasting, online games, IP licensing, online literature and
e-commerce etc.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates,” “confident” and
similar statements. Among other things, the settlement details of
the transaction, the business plans of Skymoons and quotations from
management in this announcement contain forward-looking statements.
iQIYI may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including but not limited to statements
about iQIYI’s beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: iQIYI’s
strategies; iQIYI’s future business development, financial
condition and results of operations; iQIYI’s ability to retain and
increase the number of users, members and advertising customers,
and expand its service offerings; competition in the online
entertainment industry; changes in iQIYI’s revenues, costs or
expenditures; Chinese governmental policies and regulations
relating to the online entertainment industry, general economic and
business conditions globally and in China and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in the Company’s
filings with the Securities and Exchange Commission. All
information provided in this press release is as of the date of the
press release, and iQIYI undertakes no duty to update such
information, except as required under applicable law.
For more information, please contact:
Investor RelationsiQIYI, Inc.+ 86 10 8264
6585ir@qiyi.com
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