Suning, Hony to back PPTV with $420m
By Wang Zhuoqiong in Beijing and He Wei in Shanghai | China Daily | Updated: 2013-10-29 07:26
Suning Commerce Group Co, the country's largest electronics retailer, and private-equity firm Hony Capital Ltd will invest $420 million in video website PPTV.com, a move that will help transform Suning into an Internet retailer and accelerate the reshuffle of the video website industry.
Suning will invest $250 million, taking 44 percent of PPTV.com and becoming its largest shareholder. The deal is the retailer's largest single investment, and it will be "strategic", said Sun Weimin, vice-chairman of Suning.
He said the combination of Internet retailing and an intelligent video website will facilitate Suning's goal of building up a cloud business model that integrates all distribution channels, product lines and customer bases.
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