Intel Invests $12 million in China's Shanghai Media Group
SAN FRANCISCO (IBTimes)- Intel continued to show commitment to strengthen its business in China, and support to its customers, by offering $12 million investment to Shanghai Media Group (SMG), one of China's biggest broadcasters, to help it develop its TV service.
Intel said in a statement after the announcement of the funding, that the funds will be used to develop and promote the Internet Protocol TV (IPTV) technology of Shanghai Media Group Broadband (SMGBB), including the software services as well as product research and development.
SMGBB has rights to broadcast its television online and the investment will allow it to improve its services.
Intel made the SMG investment through its investment arm, Intel Capital, and it represents the third investment of the chip maker's recently announced $500 million Intel Capital China Technology Fund II.
Intel's boost to SMG came shortly after the announcement on Tuesday that chip maker had invested in Holdfast Online Technology, a provider of gaming services and Newauto Video Technology, which provides video equipment and integration services for Chinese television stations.
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