Microsoft teams up with Shanghai IPTV company for streaming games service - report

Microsoft and BesTV will deliver a streaming games and entertainment service in China, according to local news sources.

Xinhua News reports BesTV announced the news on the Shanghai Stock Exchange. According to the report, Microsoft will have a 49% share in the venture; in total, the two companies will invest $237 million.

Currently called E-Home Entertainment Development, the new service will debut in Shanghai, and will "develop games and related services".

According to unconfirmed Chinese-language reports translated by Polygon, the company will produce a new console or set top box, based on Xbox technology, called Bestpad.

BesTV has 18 million IPTV subscribers across China, southeast Asia and eastern Europe. it will choose the new service's chairman, while Microsoft will nominate a CEO.