(Yicai Global) Aug. 7 -- iQiyi and Wuhan DDMC Culture unit Super Sports Media will set up their joint venture named Beijing Xin'ai Sport Media Technology, they announced yesterday.
Yu Lingxiao, President of Super Sports Media, will act as chief executive of the new company.
Xin'ai Sport Media Technology will run the combined the sports platform of Beijing-based iQiyi, including the app of Super Sports Media and iQiyi's sports channel. The Super Sports app and other terminals will also be renamed iQiyi Sports, state news outlet The Paper reported.
Super Sports' app and the web version of Super Sports have also changed their names in Apple's App Store.
Super Sports and iQiyi members will enjoy membership in iQiyi Sports with access to live-streamed UEFA Nations League, the Carabao Cup, EFL Championship and exclusive coverage of English Premier League, tennis and golf games.
The registered capital of the JV company is CNY100 million (USD14.62 million), with Beijing Super Sports Media, Beijing iQiyi Technology, Beijing Super Sports Huizhi Media Technology and Yu holding 42.5 percent , 38.25 percent, 15 percent and 4.25 percent of its shares, respectively, company registration data indicate.
Established in 2010, Super Sports is a sport content marketer, all-media sport culture promotion service provider and sport rights distributor. DDMC Culture acquired the company for CNY3.4 billion (USD500 million) last year.
Editor: Ben Armour