Louise Duffy | 24-09-2013
Microsoft is to set up a joint venture with Chinese IPTV firm BesTV to develop games and related services, according to Xinhuanet.
There are few details at the moment, but Xinhuanet reports that the company will have a registered capital of US$79 million.
BesTV said in a bulletin posted on the Shanghai Stock Exchange that it will hold a 51% share and Microsoft 49% in the joint venture, initially named E-Home Entertainment Development.
The new company's chairman will be chosen by BesTV and the chief executive officer by Microsoft. The total investment of both sides will reach US$237 million.
BesTV, a subsidiary of Shanghai Media Group, has 18 million IPTV subscribers with its businesses in China, south east Asia and eastern Europe.