CCTV's online TV station China Network TV (CNTV) and Tencent (0700.HK) will reportedly establish an Internet TV joint venture. CCTV will hold a controlling stake in the joint venture while Tencent and other, smaller companies will be minority shareholders. The joint venture will commence operations with approximately RMB 100 mln in registered capital.
Tencent did not comment on the rumor.
The joint venture aims to combine the two parent companies' strengths in traditional TV and online platforms.