Temasek to invest in PCCW Media's streaming venture

A UNIT of Hong Kong-based PCCW Media is bringing Temasek, Chinese private equity firm Hony Capital and Foxconn Ventures onboard as investors.

The three investors will own about 18 per cent of the enlarged issued share capital of PCCW International OTT Holdings for a total of US$110 million, PCCW Media said in a press release.

PCCW Media will remain the controlling shareholder of PCCW OTT, which provides video and music streaming services such as Viu.

Janice Lee, managing director of PCCW Media Group, said: "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."