Shanghai Media Group (SMG)-backed BesTV reportedly planned to invest 307 million yuan ($49.77 million) in the video website Funshion.com, increasing to its stake in the latter from 35% to 54%. At the same time, BesTV will transfer a 100% stake in two subsidiaries, namely, SMG Broadband and Icshanghai.com to Funshion, respectively.

Source: TechNode