Shanghai Media Group IPTV subsidiary Shanghai BesTV New Media (600637.SH) issued a public filing today announcing that it plans to spend USD 30 mln in cash to acquire 35% shares of Beijing-based P2P online video player maker Funshion Networks and subsidiary Beijing Funshion Online Technologies, both though stock acquisition and increasing its existing investments in Funshion.

Industry sources speculate that the investment could be a major move by BesTV towards expanding into online video. 19.64 mln internet users watch HD video through Funshion.com per day, and the site has a total of more than 237 mln registered users.

Source:marbridgeconsulting