BesTV and Walt Disney set up JV in consulting
Print Edition
BesTV and Walt Disney are teaming up in a digital consulting joint venture, the Chinese company said yesterday.
BesTV, a new media subsidiary of Shanghai’s media giant SMG, will own 51 percent of the joint venture and TWDC Shanghai Enterprises, a wholly-owned indirect subsidiary of Walt Disney, will hold 49 percent, BesTV said in a statement to the Shanghai Stock Exchange yesterday. The transaction still needs approval from regulators.
The joint venture seeks to maximize the technical expertise, professional skills, experience and marketing strategies of both partners to enhance their services, products and content in the digital technology consulting business on the Chinese mainland.
“Coupled with Disney’s long standing commitment to digital innovation across multiple platforms, both companies share a common vision to provide an enhanced viewing experience for Chinese audiences and consumers, and explore new business models for digital distributors,” Tao Mingcheng, president of BesTV, said in the statement.
The joint venture seeks to serve Chinese consumers whose viewing experience is increasingly connected across multiple platforms, said Stanley Cheung, executive vice president and managing director of Walt Disney China.
Shanghai-based BesTV has set up media platforms, including IPTV (Internet protocol TV), smartphones, mobile TV and online streaming, in China.
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