Ubisoft created a new entity and put valuable assets into it.
Tencent put money into this new entity and got 25% ownership.
While Ubisoft’s shareholder got nothing, Tencent can do more with the important IPs like Assassin Creed.
Maybe there is a limit on how much Tencent can buy into Ubisoft. Maybe the possibility of Ubisoft being acquired is low due to France regulation, not due to Tencent’s previous investments.
Probably it’s the complications and regulations around the world are making those deal structure necessary. Capital is not allowed to buy anything it interested in.
So.. on the positive side, will this model serve as a template for TikTok US?
ByteDance inject some assets (TikTok US) into a new entity, and new investors inject money or assets into the new entity, so that the new ownership structure can satisfy both US and China’s demands?