CMC, Alibaba, Tencent Inject $313M In Whaley Technology
Aug 14, 2015
Like our Facebook page and follow us now on Twitter @chinamoneypod . Shanghai-based Internet TV startup Whaley Technology, co-founded by Chinese media mogul Li Ruigang, has received approximately RMB2 billion (US$313 million) investment from China Media Capital, Alibaba Group Holding Limited and Tencent Holdings Limited. Whaley Technology revealed the news at a product launch event in Shanghai yesterday, where the company revealed its first 55 inch 4K Internet TV with a price tag of RMB3,799 (US$594). Li Ruigang, who is also the founder of China Media Capital, established Whaley Technology with the CEO of Shanghai Media Group's IPTV business Li Huaiyu in April this year. Alibaba and Tencent plan to cooperate with Whaley TV on multiple fronts, including online retail, content, and marketing. The Internet TV will be sold on Alibaba's Tmall platform using Alipay, in addition to Whaley's own website. The three partners will also pool their resources in digital content to make Whaley TV more appealing to young Chinese consumers. Alibaba owns stakes of online video site Youku Tudou and Chinese film production studio ChinaVision Media Group, in addition to its own film company, Alibaba Pictures Group Ltd.
Tencent has distribution deals with the National Basketball Association and global entertainment producers, as well as numerous online gaming assets, including Tencent's own gaming channel, Korean mobile gaming firm 4:33 Creative Lab, U.S. mobile gaming company Pocket Gems Inc.