Saudi Arabia Fund Increases Stake in Japan’s Toei, Expands Entertainment Investments – Global Bulletin
variety.comPatrick Frater Asia Bureau Chief Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) has increased its stake in Japanese film and TV studio Toei Company, from 5% to 6.03%, according to a report by the Reuters financial news agency.
The move comes shortly after Toei published a ten-year plan for international expansion. Toei includes film and TV production operations, the T-Joy cinema chain and Toei Animation.
Last month, it said that it had beaten its film revenue record, thanks to the success of titles including “The First Slam Dunk,” “The Legend of Butterfly” and “One Piece Film Red.” The stake increase also follows PIF’s February announcement that it had increased its stake in Japanese games and console maker Nintendo to 8.26% and that (along with the Singapore state fund GIC) was a buyer of a $966 million bond issue from Korean entertainment-tech firm Kakao Corp. Entertainment appears to be a significant part of the PIF’s vision for a post-oil economy.
The firm also has stakes in three other Japanese games firms Nexon, Capcom and Koei Tecmo.
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