Tuesday November 13, 2:30 PM
China's Stone Electronics in broadband tie-up
sg.news.yahoo.com
BEIJING (Reuters) - A unit of China's Stone Group Corp and the holding company of a TV personality will form a joint venture to invest in and develop cable and broadband systems, a related company said in a statement Tuesday.
High-tech investment firm Stone Group's Hong Kong-listed unit Stone Electronic Technology <0409> would own 51 percent of the joint venture company, to be called Sun Stone Media Group Holdings Co, the statement said.
Sun Media Holdings Ltd, owned by Yang Lan, the former host of a state television entertainment programme, would hold the remaining stake, it said.
The statement was shown to Reuters by the Hong Kong-based satellite television company Sun TV, a unit of Sun Television Cybernetworks Holdings Ltd <0307>, which is run by Yang.
Sun Stone Media would be based in Hong Kong and develop a cable TV and broadband content delivery system and set up an Internet investment fund, the statement said.
The new company, which would also have Beijing and Shanghai offices, would seek to use its combined share of roughly 20 percent in Chinese Internet portal Sina.com to help the portal's managers turn it into a cross-media business, it said. |
