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Disney, firms invest in major Chinese website

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From the Associated Press

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

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 investment round is being led by Draper Fisher Jurvetson and Highland Capital Partners. It included Steamboat Ventures, the venture-capital vehicle of Walt Disney Co.

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