Alibaba, Tencent invest in Internet-TV startup

GMT 03:33 2015 Friday ,14 August

Arab Today, arab today Alibaba, Tencent invest in Internet-TV startup

Alibaba, China's largest e-commerce company
Shanghai - XINHUA

China's Internet giants Alibaba and Tencent on Thursday announced they would invest in a China Media Capital (CMC) Internet-TV startup.

Whaley Technology, which was founded by CMC chairman Li Ruigang in April, now has four partners -- CMC, Alibaba, Tencent and China National Radio. China National Radio is the holder of an Internet-TV license.

CMC is China's leading media and entertainment investment fund. Established in 2010, CMC's prominent partners include China Development Bank, one of the nation's largest financial institutions.

Whaley did not reveal how much each partner invested, but said it had raised startup capital of 2 billion yuan (313 million U.S. dollars).

Whaley Technology on Thursday evening unveiled a 55-inch, 4K resolution smart TV, with a price tag of 3,799 yuan.

It will start accepting preorders on its website and Alibaba's Tmall online marketplace as of 10 a.m. Friday. Customers can also make purchases starting Aug. 18.

Li said Whaley will focus on hardware as well as content, while Alibaba and Tencent could provide content.

Local rivals, like Xiaomi and LeTV, also have lunched smart TVs, betting on the fast-growing segment.

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