Business / Technology

Alibaba, Tencent invest in Internet-TV startup

(Xinhua) Updated: 2015-08-14 08:57

Alibaba, Tencent invest in Internet-TV startup

A receptionist works at Alibaba's headquarters in Hangzhou, capital of East China's Zhejiang province, Jan 30, 2015. [Photo/Xinhua]

SHANGHAI - China's Internet giants Alibaba and Tencent on Thursday announced they would invest in a China Media Capital (CMC) Internet-TV startup.

Whaley Technology, which was founded by CMC chairman Li Ruigang in April, now has four partners -- CMC, Alibaba, Tencent and China National Radio. China National Radio is the holder of an Internet-TV license.

CMC is China's leading media and entertainment investment fund. Established in 2010, CMC's prominent partners include China Development Bank, one of the nation's largest financial institutions.

Whaley did not reveal how much each partner invested, but said it had raised startup capital of 2 billion yuan ($313 million).

Whaley Technology on Thursday evening unveiled a 55-inch, 4K resolution smart TV, with a price tag of 3,799 yuan.

It will start accepting preorders on its website and Alibaba's Tmall online marketplace as of 10 am Friday. Customers can also make purchases starting Aug 18.

Li said Whaley will focus on hardware as well as content, while Alibaba and Tencent could provide content.

Local rivals, like Xiaomi and LeTV, also have lunched smart TVs, betting on the fast-growing segment.

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