Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) has upped its stake in Japan’s Toei Company from 5% to 6.03%.
The move comes as PIF continues to diversify its media assets. Last month, the organization raised its stake in Nintendo to 8.26% and teamed with the Singapore state fund GIC to purchase $966 million in bonds from Korean entertainment-tech firm Kakao Corp. The organization also invests in gaming companies including Nexon, Capcom, and Koei Tecmo.
News of the increased Saudi investment, reported by Reuters, comes just weeks after Toei published its ten-year financial plan. In that document, the company re-evaluated its place in an increasingly globalized content market and recognized that audiences are becoming more spread out and more diverse.