Joost and TOM to form online television JV
23 July 2008
Internet television company Joost and Chinese media conglomerate TOM will launch a joint venture today to offer Chinese-language programming over the internet, Reuters reported. The site, already launched, will offer 16,000 hours of content licensed from local sources, including CCTV, China Record Corp, CAV Warner Home Entertainment and others. Joost, launched in the US in 2007 by Kazaa and Skype founders Janus Friis and Niklas Zennstrom, also has a licensing agreement with media conglomerate Viacom to air some of the latter's shows. TOM Group's majority shareholder, Hong Kong tycoon Li Ka-shing, owns a minority stake in Joost.