Shanghai, Sep 23 (IANS): A Shanghai media company said Monday that it plans an entertainment development venture with Microsoft.
The company will have a registered capital of $79 million, Xinhua reported.
BesTV New Media said in a bulletin posted on the Shanghai Stock Exchange that it would hold a 51 percent share and Microsoft 49 percent in the joint venture, initially named E-Home Entertainment Development.
The joint venture would develop games and related services, said BesTV.
The new company's board chairman would be chosen by BesTV and the chief executive officer by Microsoft.
The total investment of both sides will reach $237 million.
The joint venture is expected to be registered in the newly established free trade zone in Shanghai.
BesTV, a subsidiary of Shanghai Media Group, boasts of 18 million IPTV subscribers with its businesses in China, southeast Asia and eastern Europe.