(Yicai Global) Aug. 27 -- Almost 50 companies, including Alibaba Group Holding and China's national radio and TV network operator, have suggested establishing a new company to promote fifth-generation wireless TV broadcasting.

China Broadcasting Network would have 51 percent of China Broadcasting and Television Network's equity, some of the participants wrote in separate statements yesterday. The new company may have CNY101.2 billion (USD14.7 billion) in registered capital as each of the 10.1 billion shares should equal CNY1 (US 15 cents).

China Broadcasting and Television Network aims to upgrade cable TV operations toward the new era of 5G communication while offering on-demand services to consumers.

Integrating TV networks should improve efficiency and reduce costs while making it easier to join hands on building 5G infrastructure, Huatai Securities said in a recent report.

State Grid Information & Telecommunication and Alibaba Venture Capital Management would both have a 9.9 percent stake in the company, the biggest after the majority shareholder.

The Oriental Pearl Radio & TV Tower indicated in its statement that it would buy CNY500 million (USD72.6 million) worth of shares, one of the larger investments.

Editor: Emmi Laine