Tsinghua buys stake in China's BesTV


SHANGHAI -- BesTV, China's largest provider of Internet Protocol TV, said on Thursday it had agreed to sell a 40% stake to Tsinghua Tongfang Co Ltd for 150 million yuan ($21.1 million).

BesTV, a Web TV service run jointly by Shanghai Media Group and fixed-line telecoms carrier China Telecom Corp, said in a statement Tsinghua's strong market position would help expand BesTV's reach, confirming what a source familiar with the situation told Reuters earlier on Thursday.

SMG is China's second-largest media group by revenue after state-run China Central Television.