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Business deals

Sony targets China's Gen Z with $400m stake in Bilibili

Japanese group joins Alibaba and Tencent as backer of video platform

Fans cheer for their anime and gaming idols at a Bilibili World event. (Photo courtesy of Bilibili)

NEW YORK -- Sony will buy a $400 million stake in Bilibili, a Nasdaq-listed Chinese video platform popular with millennials for its animation and gaming content.

The deal, announced Thursday, will give Sony a 4.98% holding in the Shanghai-based company, making it the fourth-largest outside shareholder behind Alibaba Group HoldingTencent Holdings and Loyal Valley Capital.

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