PE-backed IMAX, TCL form JV with Wasu Media
IMAX has teamed up with TCL Multimedia Technology to form a joint venture with Wasu Digital Media, a Chinese digital content provider, as part of their home theater initiative.
The move comes shortly after IMAX agreed to sell a 20% stake in its China unit to FountainVest Partners and CMC Capital Partners for $80 million.
Wasu is one of five operators approved by Chinese authorities to deliver multimedia content to homes. As part of the deal, Wasu will license and distribute IMAX-enhanced Hollywood and Chinese current theatrical and other content to the IMAX-TCL premium home theatre system.
IMAX and TCL agreed last year to develop a home theater system, which is scheduled for launch in China and select overseas markets in 2015.
"As a pioneer in digital content transmission and the navigation of the regulatory environment in China with extensive experience and knowledge of the local business landscape, Wasu is the ideal content distribution and operation partner and enables a complete end-to-end premium home theatre experience for consumers in China," IMAX's CEO Richard Gelfond, said in a statement.
Hangzhou-based Wasu develops new media businesses including Cable TV, broadband, IPTV, Wi-Fi and mobile TV. Its IPTV services currently reach 12 million users across 28 provinces in China.
Earlier this month, the company received RMB6.54 billion ($1.06 billion) from Alibaba Group founder Jack Ma and several co-investors including Yuzhu Shi, founder of online games developer Giant Interactive Group.
Alibaba and Wasu said they will support each other in areas such as original content development, video communication, games, music, and education, cloud computing and big data.
According to AVCJ Research, China Culture Industry Investment Fund Management invested an undisclosed sum in Wasu in 2012. Last year, Zhejiang Shinkansen Media Investment paid RMB48.32 million for a 5% stake in the company via its Eastern Starry Sky Culture Fund.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.