Deal gives XFM 16% stake in Yes TV channel

HONG KONG — NASDAQ-listed Chinese media group Xinhua Finance Media has invested $2 million in All Sports Network, the new TV sports channel currently being launched by Yes TV.

Deal, which gives XFM a 16% stake in the net, follows an exclusive agreement signed last month for Xinhua to be its exclusive distributor in China via mobile, television, Internet and radio.

ASN is set to carry a mix of American sport programming including National Hockey League, National Football League and NCAA basketball. Yes TV is also in the process of signing carriage agreements for ASN in Hong Kong and Taiwan.

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