Sohu IT, 3/16/15
Mangguo TV (Mango TV), online video platform of Hunan Satellite TV and Hunan Broadcasting System operated by Kuaile Yangguang, has reportedly completed RMB 1 bln in Series A funding with China Mobile (NYSE: CHL; 0941.HK) as the primary investor, according to a source in investing circles. By offering a 10% stake, this round of funding values Mango TV at approximately RMB 10 bln.
Officials for the company have not confirmed the rumor, but Cheng Hongrong, general manager of Mango TV's internet television business division, has previously revealed that the company plans to invest more than RMB 3 bln on content, technology, and marketing over the next three years. Moreover, Hunan Satellite TV and Mango TV are planning to spend RMB 1 bln in 2015 to build a dual platform of exclusive television programming.
Editor's Note: Kuaile Yangguang is an indirectly wholly owned subsidiary of Hunan Broadcasting System (via HBS wholly owned subsidiary Mango Media) and is the operator of the company's Mango TV online, mobile, and internet TV business. Kuaile Yangguang holds the exclusive internet and mobile rights to Hunan Broadcasting System satellite TV channel Hunan Satellite TV's entire catalogue of programming and brand resources. For more background on this topic, please see "Rumor: Hunan TV to Inject RMB 1 Bln into Mango TV" MD 8/26/14 issue.
Keywords: M&A valuation China Mobile funding television online video Hunan Satellite TV Internet TV Hunan TV CHL 0941.HK Hunan Broadcasting System Mango TV Kuaile Yangguang Cheng Hongrong Mango Media first-round