Comment on BesTV To Invest 307 Million Yuan In Video Service Funshion, Increasing Stake to 54% by BesTV Invests US$100M in Digital Marketing Company adSage | GeekTime

['Emma Lee', 'More Emma Lee', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2013-08-15 00:00:00

Shanghai Media Group (SMG)-backed BesTV (SH: 600637) reportedly planned to invest 307 million yuan ($49.77 million) in the video website Funshion.com, increasing to its stake in the latter from 35% to 54%. BesTV has poured $30 million for a 35% stake in Funshion in March 2012, becoming the largest shareholder of the video service. Funshion had had 270 million users and around 20 million daily active users as of July 2012, according to a statement by BesTV. Funshion recorded a net loss of more than 60 million yuan in the first half of this year after posting an annual loss of 98.86 million yuan in 2012. Video website industry, a money-burning unit from current point of view, is in an investment and integration period.