Disney has pacted with Shanghai Media Group’s BestTV digital subsidiary for a joint venture that will focus on technologies and platforms designed to expand the Mouse’s products and content in mainland China.
Shanghai Media’s BesTV New Media Co. will own 51% of the venture, with Disney’s TWDC Shanghai Enterprises owning the remaining 49%. Deal was unveiled Wednesday.
Details on the venture were sparse in the announcement, billed as an effort by both companies “to place viewers at the forefront of China’s fast-changing digital landscape.” BesTV is active in mobile TV and online streaming, among other areas.
“Technology and innovation are key pillars of Disney’s strategic vision,” said Stanley Cheung, exec VP and managing director, Walt Disney Company, Greater China. “The China digital landscape and industry is expanding and changing exponentially. This joint venture with BesTV and seeks to serve Chinese consumers who are increasingly connected to their viewing experiences across multiple platforms.”
“BesTV has formed the largest new media platforms in China, including IPTV, smart phones, mobile TV and online streaming. Coupled with Disney’s long standing commitment to digital innovation across multiple platforms, both companies share a common vision to provide an enhanced viewing experience for Chinese audiences and consumers, and explore new business models for digital distributors,” said BesTV president Tao Mingcheng.