Hong Kong's PCCW has secured a $110 million investment in its PCCW OTT internet media and entertainment business.
Hony Capital, Foxconn Ventures and Singapore state investment vehicle Temasek have collectively agreed to subscribe to 11 million preference shares in PCCW OTT, representing around 18% of the enlarged share capital in the venture. PCCW currently owns a 100% stake in the business.
PCCW OTT provides OTT internet media and entertainment services in 24 markets worldwide, including video streaming services under the Viu and Vuclip brands and a music streaming service under the MOOV brand.
PCCW OTT will use funds from the investment to enhance its core value proposition of media content, including by creating original productions, and to deploy the latest technologies to improve the customer experience.
“Our focus on content, pricing and technology that are locally relevant in various markets, together with our fast tracked rollout across the region, has enabled Viu to become a leading OTT video service in Asia,” PCCW Media Group MD Janice Lee said.
“We are very excited to have Hony, Foxconn and Temasek join us as strategic shareholders. Bringing these reputable partners in the business will support our current plans and strengthen our leading position in the market with the introduction of more locally relevant and original content, and technology to support innovative product development - all of which are beneficial to our ecosystem comprised of users, advertisers and business partners.”