Hunan Broadcasting and TV Media Co.,Ltd., a Shenzhen-listed Chinese firm, announced on Wednesday that it will invest up to RMB 300 million (USD 47 million) in the buyout of Chinese internet giant Qihoo 360. Hunan Broadcasting and TV Media intends to utilize its “Huarong 360 Special Investment Fund” to complete the transaction reports financial media website, Hexun.com.
The Huarong 360 Special Investment Fund was set up by Huarong Securities to assist with Qihoo 360’s return to China’s main board.
According to Hunan Broadcasting and TV Media, the buyout of Qihoo 360 is going to be one of the biggest buyouts in China’s internet industry. The company will cooperate with Qihoo 360 in games, and internet ads.
In June, an investment group led by Qihoo Chairman Zhou Hongyi, including Citic Securities and Sequoia Capital, made a preliminary offer to buy Qihoo 360.