Xunlei Limited has announced an agreement with Beijing Nesound International Media Corp to sell its entire video streaming platform, Xunlei Kankan, for RMB130 million (US $21 million.)
In a press release, the Shenzhen-based Xunlei, whose core product – the Xunlei Accelerator – allows users to access, manage and consume digital media content – says it is divesting its interest in video streaming to focus on a transition to mobile internet, said Xunlei chairman and CEO Sean Zou in a statement.
Should the deal fall through, the party responsible will pay an additional RMB52 million (US $8.3 million) penalty.
Kankan is one of China’s more popular SVOD services, though exact viewership is unknown.
Screenshot taken from Kankan website.