Microsoft has formed a joint entertainment venture with BesTV, a Shanghai media company, to launch a console offering games and streaming services to China.
The venture, currently named E-Home Entertainment, will develop games and related media services, reports Xinhua. BesTV is China's leading internet and television provider, and also manufactures and sells smart TVs.
Microsoft's venture follows the news that China lifted a 13-year ban on games console sales, with one condition: that companies manufacture consoles in Shanghai's free trade zone. With BesTV, it's clear that Microsoft is taking advantage of this new market.
Microsoft will appoint the venture's CEO, while BesTV will choose the company's board chairman. The combined investment of the two companies amounts to $237 million.
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