Wecast to form JV with Berlin-Based PANTAFLIX GmbH for Cloud-Based Global VOD Platform
WECAST NETWORK INC (WCST)
US:NASDAQ Investor Relations:
corporate.wecastnetworkinc.com
Company Research
Source: PR Newswire
NEW YORK, May 19, 2017 /PRNewswire/ -- Wecast Network, Inc. (NASDAQ: WCST) ("Wecast" or the "Company" or "WCST"), announced today a strategic partnership and joint venture ("JV") with Berlin-based PANTAFLIX GmbH ("PANTAFLIX") for a global and cloud-based video-on-demand ("VOD") platform. This German-Chinese-US VOD JV will have ownership partners including PANTAFLIX (50%), WCST (40%), and Redrock Capital Group Limited (10%), which is majority owned and controlled by Bruno Wu. The joint venture, headquartered in Germany and with locations in both China and the US, will combine the global resources, expertise and content of WCST with the innovative VOD technology of PANTAFLIX (a wholly-owned subsidiary of PANTALEON Entertainment AG (XETRA: PAL)), to offer a business-to-business VOD solution to operators globally. PANTAFLIX's technological infrastructure allows for direct global marketing and distribution of films and other content as well as personalization and optimization capabiliti
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