Chinese P2P streaming video platform PPLive (PPTV) and Xinhua News Agency's Xinhuanet plan to establish a joint venture in Beijing, according to an industry source who could not divulge any further details.
PPTV reportedly planned to invest in short news video production after it completed fourth-round funding in early 2011, but, due to regulatory restrictions, did not do so.
According to a source within PPTV, the new Beijing JV will initially be staffed by the former core 20-30 person editorial team of Shanda Interactive's (Nasdaq: SNDA) online video subsidiary Ku6 (Nasdaq: KUTV).
Editor's Note: For more information on this topic, please see "PPLive Confirms Receipt of USD 250 Mln Investment," MD 2/15/11 issue, and "PPTV, Xinhua News to Develop Video Portal," MD 7/13/11 issue.
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