China-based online video streaming platform iQiyi has paid RMB150m ($22.5m) for a 5% stake in China-based smart television producer Coocaa, China Money Network reported on Wednesday.
Coocaa was formed by Skyworth and Netac as a joint venture between consumer electronics manufacturers Skyworth Digital Holdings and Netac Technology in 2006. Its televisions feature a USB port that enables online content to be streamed and viewed.
The investment was made as part of a strategic partnership deal that will involve iQiyi content being distributed through Coocaa. It follows a joint venture between iQiyi and electronics manufacturer TCL Corporation in 2013 to launch a connected television.
– Image courtesy of Skyworth Digital Holdings