BesTV taps new media via mobile ad firm
Print Edition
BESTV, the Chinese partner of Microsoft Corp for Xbox One, said yesterday that it will invest about US$100 million in a mobile advertising firm to tap revenue from new media.
The new media subsidiary of the Shanghai Media Group also posted a 21 percent jump in net profit due to increasing numbers of paid users for Internet and mobile TV services, the firm said in a statement to the Shanghai Stock Exchange.
BesTV will use US$95.9 million to acquire 51 percent of AdSage, which has mobile advertising and related software business.
“BesTV plus AdSage means Best Ad, China’s top advertising platform covering mobile, computer and TV platforms,” Zhang Dazhong, vice chairman of BesTV, said in the statement.
BesTV expects to generate total revenue of “several billion yuan” annually after the acquisition of AdSage and the coming debut of Microsoft Xbox, Zhang added.
It is scheduled to start selling Microsoft’s Xbox One from September 23. The firm has approval to sell 5 million Xbox One units in the first batch, BesTV said.
In the first half, BesTV’s net profit surged 20.7 percent to 387 million yuan (US$63 million) on revenue of 1.43 billion yuan, up 26.9 percent.
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