Microsoft has signed a deal with a Chinese IPTV firm BesTV to create a new gaming console and streaming device for China.
The new joint venture, titled the E-Home Entertainment Development, will be 51-percent owned by BesTV and 49-percent owned by Microsoft, with a total investment of $237 million.
BesTV is China’s leading IPTV provider with 18 million subscribers in China, Southeast Asia, and Eastern Europe.
A Microsoft spokesperson gave Polygon a riveting exclusive:
We look forward to exploring new opportunities for bringing entertainment offerings to China, but we have no further details to share.
Rumors state that the new console will be based on Xbox technology and will be called the Bestpad (apparently Maxi Pad was already taken).
The venture is expected to be registered in the newly established Shanghai free trade zone.
[Image via: exposingthetruth]