Comp Microsoft 24 Sep

Microsoft has formed a joint venture with BesTV to launch a new games console offering streaming entertainment services in China.

The companies outlined the operation in a note posted on the Shanghai Stock Exchange, saying it will launch with an initial investment of $237 million. BesTV will hold a 51 percent stake in the venture while Microsoft will hold 49 percent. Unconfirmed reports from Chinese media claim the venture will launch a new console based on Xbox technology called Bestpad.

“This is the first step of many to come for Microsoft and BesTV,” Microsoft said to Polygon. “We look forward to exploring new opportunities for bringing entertainment offerings to China, but we have no further details to share.”