SMG buys stake in US group Jaunt

Move will help media giant get cutting edge in the lucrative content production sector

Shanghai Media Group, one of China's largest media groups, announced a strategic investment in Silicon Valley-based virtual-reality company Jaunt Inc - to expand its business into the virtual-reality market.

SMG and its subsidiary Shanghai Oriental Pearl Media Co Ltd will become investors in Jaunt, and SMG, Jaunt and China Media Capital's technology arm Whaley Technology Co Ltd will establish a joint venture known as Jaunt China.