By Alex He: Subscribe to Alex's RSS feed
February 3, 2011 7:52 PM EST
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.
Youku.com Inc, one of the YouTube clones of China, raised about $203 million in its initial public offering.
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Launched in 2004, PPTV has 200 million user installations and 105 million active monthly users in China.
The site offers professionally produced programming from more than 120 TV stations, supported by both advertising and pay-per-view.
The online video industry is booming and China has grown into the world's No. 2 Internet arena.
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