China’s online video service Baofeng has established a joint venture with domestic animation company Alpha Animation and Culture, consumer electronics manufacturer 3Nod and Ririshun, the logistics arm of home appliance giant Hair, to develop a homegrown Smart TV brand Baofeng TV.

The joint venture will mean the acquisition of Haier’s smart TV affiliate Tongshuai Chuangzhijia. Under the deal, Baofeng will become the largest shareholder of Tongshuai Chuangzhijia by acquiring a 50% stake in the company for 250 million RMB ($40 million USD). Ririshun and Alpha Animation will respectively hold 21% and 10% in the firm, while the rest will be owned by the management team.

Baofeng was once a dominate video company in China, but as the market grew increasingly competitive, it transformed into a streaming portal for the likes of Youku Tudou and iQiyi, who are gaining momentum by investing heavily in copyrighted and user-generated content.

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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.