MultiMetaVerse, an animation and entertainment company, agreed to acquire a majority stake in Taomee, an entertainment and media company, from Orient TM Ruibo, an entertainment company. Financial terms were not disclosed. "We are extremely excited to work with Taomee, a standout company in China's entertainment industry. Taomee has been creating and developing original, compelling IP brands for over 16 years and has accumulated a large and loyal following across China, particularly among the younger generations. As we explored this transaction, we discovered that MMV and Taomee have much in common in terms of both their business models and company culture, making the two companies a natural fit for collaboration," Yiran Xu, MMV Chairman and CEO.