Disney,; BesTV Announce Joint Venture in China

The Walt Disney Company China and BesTV New Media Company Limited, the digital media subsidiary of the Shanghai Media Group (SMG), today announced they have signed definitive agreements for the formation of a new joint venture that will place viewers at the forefront of China's fast-changing digital landscape. The transaction is subject to certain closing conditions including clearance by applicable regulatory authorities.  The joint venture seeks to maximize the technical expertise, professional skills, experience and marketing strategies of both companies and to operate digital technology consulting businesses centering on BesTV and Disney-related services, products and content in mainland China. BesTV will own 51% of the joint venture and TWDC Shanghai Enterprises, LLC, a wholly owned indirect subsidiary of The Walt Disney Company, will own 49%.  "Technology and innovation are key pillars of Disney's strategic vision," said Mr. Stanley Cheung, Executive Vice President and Managing Director, The Walt Disney Company, Greater China. "The China digital landscape and industry is expanding and changing exponentially. This joint venture with BesTV and seeks to serve Chinese consumers who are increasingly connected to their viewing experiences across multiple platforms." "BesTV has formed