U.S. Firms Invest $23.5M in Chinese Video Site – Peter Svensson

From AP via MSNBC:

A group of U.S. venture capital firms, including Disney’s investment arm, was set to announce Wednesday that it had invested $23.5 million in UUSee, a major Chinese site for Web video.

UUSee distributes live and on-demand TV from CCTV, China’s largest TV broadcaster; CSAT, China’s largest satellite TV company; and Beijing TV. The content includes subtitled U.S. shows like “CSI: Miami” and “24.”

The investment round was led by Draper Fisher Jurvetson and Highland Capital Partners. It included Steamboat Ventures, the venture-capital vehicle of The Walt Disney Co. Two other firms, Sequoia Capital and Susquehanna International Group, invested in UUSee in a previous round and joined in this one.[Full Text]