Ubisoft is reportedly looking to create a new business unit that will hold major intellectual properties including Assassin's Creed.As reported by Bloomberg, the French publisher is contemplating selling a minority stake in the new entity to investors in France and overseasincluding Chinese conglomerate Tencent.The report chimes with past rumors that indicated Ubisoft majority shareholders the Guillemot family were considering partnering with Tencent for a buyout.People familiar with the situation claim Ubisoft has asked for preliminary bids to be submitted this month. They believe Ubisoft is hoping the new unit will receive a higher valuation than the main company.Tencent previously purchased a $300 million stake in core Ubisoft shareholder Guillemot Brothers Limited, which is operated by Ubisoft's founding family and holds roughly 20 percent of the company's voting rights and 15 percent of its share capital.When approached for comment by Bloomberg, Ubisoft directed the publication to the companys quarterly earnings report.During that fiscal briefing, Ubisoft told investors it would take "decisive steps" to reshape its business while continuing to "drive significant cost reductions" and improve the quality of its release slate.The company also confirmed it appointed advisors to "review and pursue various transformational strategic and capitalistic options to extract the best value for stakeholders."Related:"This process will be overseen by the independent members of the Board of Directors. Ubisoft will inform the market in accordance with applicable regulations if and once a transaction materializes," explained the company in January."Operationally, the company will continue to drive significant cost reductions, together with a highly selective approach to investments, and now expects to exceed 200 million ($206 million) in reduction of its fixed cost base by FY2025-26 vs. FY2022-23 on an annualized basis."