International Business News | February 2011 | Alex He
China’s Synacast Corporation, or PPLive, the operator the leading online TV service “PPTV”, said on Thursday that Japan’s Softbank has acquired a 35 percent stake into the company.
The Japanese mobile carrier acquired Synacast’s stake for about 20 billion yen ($ 244 million) via a private placement of shares Jan. 28, Nikki reported on Friday.
This was in line with the statement of Yao Xin, founder of PPTV.
In a post on his Tencent microblog, Yao said it marks the biggest single deal for financing since the financial crisis in the Chinese online market. He indicated that the amount of the fund raised from the deal is more than that of Youku’s listing.
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