Shanghai Media Group (SMG)-backed BesTV (SH: 600637) reportedly planned to invest 307 million yuan ($49.77 million) in the video website Funshion.com, increasing to its stake in the latter from 35% to 54%. At the same time, BesTV will transfer a 100% stake in two subsidiaries, namely, SMG Broadband and Icshanghai.com to Funshion, respectively (source in Chinese).

BesTV has poured $30 million for a 35% stake in Funshion in March 2012, becoming the largest shareholder of the video service. Funshion had had 270 million users and around 20 million daily active users as of July 2012, according to a statement by BesTV.

The two companies launched a series of endeavors to stream the content produced by SMG, a media group with businesses in broadcasting, television, press and Internet, on to online video platforms. BesTV and Funshion planned to deepen their cooperation in terms of technology, content and channels.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.