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BesTV buys 35% stake in Funshion
By Ding Yining |
March 27, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI-BASED Internet TV operator BesTV said it will pay US$30 million to become the biggest shareholder of Beijing Funshion Online Technology Co, a video-on-demand service provider.
The partnership is expected to expand BesTV's influence in the Internet sector and the two parties will be able to enjoy each other's technology and content.
BesTV will take a 35 percent stake in Funshion, it said in a statement to Shanghai Stock Exchange yesterday.
Separately, BesTV announced it will set up a joint venture with China Network Television, the online video division of China Central Television, a 22.5 million yuan investment for a 45 percent stake.
"BesTV's partnership is an important collaboration between TV stations and the online video industry," said Luo Jiangchun, Funshion's chief executive officer.
The new venture will be responsible for BesTV's Internet television broadcasting network and marketing activities.
BesTV, a new media unit under the city's media conglomerate Shanghai Media Group, was listed in Shanghai in December through an asset restructuring with SVA Information Industry.
The partnership is expected to expand BesTV's influence in the Internet sector and the two parties will be able to enjoy each other's technology and content.
BesTV will take a 35 percent stake in Funshion, it said in a statement to Shanghai Stock Exchange yesterday.
Separately, BesTV announced it will set up a joint venture with China Network Television, the online video division of China Central Television, a 22.5 million yuan investment for a 45 percent stake.
"BesTV's partnership is an important collaboration between TV stations and the online video industry," said Luo Jiangchun, Funshion's chief executive officer.
The new venture will be responsible for BesTV's Internet television broadcasting network and marketing activities.
BesTV, a new media unit under the city's media conglomerate Shanghai Media Group, was listed in Shanghai in December through an asset restructuring with SVA Information Industry.
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