Los Angeles – News Corp. chairman and CEO Rupert Murdoch and his wife Wendi Deng Murdoch invested $29.4 million in Chinese video site Xunlei, which is prepping for a $200 million initial public offering (IPO), PaidContent reports.
“Wendi and I recently made a personal investment in the Chinese video and music internet company Xunlei Limited, through RW Investments,” Rupert Murdoch told PaidContent.
“We believe in the talented entrepreneurs who launched this company and we are confident they can build a successful entertainment offering that respects the rights of copyright holders and artists. They have committed to us that they will do so.”
Other investors in Xunlei have included Google, which pumped $5 million into the company back in 2007 and holds a 2.8% stake.
Launched in 2004, Xunlei reported profits of $25.7 million in 2010, mostly generated from advertising.
The video site will use funds raised in the offering for additional data centers, content acquisition, game licenses, technology development, working capital and potential acquisitions.