August 10, 2017 / 10:50 AM / a year ago

Hony Capital, Foxconn Ventures and Temasek invest in PCCW OTT

Aug 10 (Reuters) - Hong Kong’s PCCW Ltd has struck a deal to bring in Hony Capital, Foxconn Ventures and Temasek in as investors in its internet media and entertainment unit, the company said Thursday.

The three companies will invest a total of $110 million for a stake of around 18 percent in PCCW OTT, which owns video and music streaming services, the Hong Kong-based telecom and media company said in a stock exchange filing.

PCCW Media, which sold the OTT stake, will remain the unit’s controlling shareholder.

Hony Capital has separately been granted an option to subscribe for up to 2 million preference shares at an exercise price of $10 per share, PCCW said.

The Chinese private equity firm in late July invested $500 million together with Japan’s Softbank Group Corp in New York-based startup WeWork, which provides shared office space and is looking for new growth in Asia.

PCCW OTT owns video streaming services “Viu” and “Vuclip”, which are popular in Asian emerging markets and the Middle East as well as Hong Kong’s largest multi-platform digital streaming music service MOOV. (Reporting by Kane Wu; editing by Jason Neely)

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