Alibaba, Tencent invest in Internet TV start-up
| 14 August 2015
Chinese Internet giants Alibaba and Tencent are to invest in a China Media Capital (CMC) Internet TV start-up.
Whaley Technology, which was founded by CMC chairman Li Ruigang in April, now has four partners: CMC, Alibaba, Tencent and China National Radio.
CMC is China's leading media and entertainment investment fund, with prominent partners including China Development Bank, one of the nation's largest financial institutions.
Whaley Technology did not reveal how much each partner invested, but said it had raised start-up capital of ¥2 billion ($313 million).
It has just unveiled a 55", 4K resolution smart TV, with a price tag of ¥3,799, and will start accepting pre-orders on its website and Alibaba's Tmall online marketplace from today (14 August).
Li said Whaley would focus on hardware as well as content, while Alibaba and Tencent could provide content.