China Digital TV Holding Co. Ltd. (STV) announced that it has made a joint investment in OpenV China Holdings Company, a Chinese online video company, alongside one of OpenV's existing shareholders. The aggregate amount of the investment from both investors will be up to US$17 million in cash.
Subject to the satisfaction of certain conditions, the aggregate amount of China Digital TV's investment will be up to US$14.5 million, consisting of consideration for an initial equity investment, a convertible loan to OpenV and consideration payable upon the potential exercise of a warrant to purchase additional shares of OpenV.
Assuming the full conversion of the convertible loan into OpenV's shares and the full exercise of the warrant, China Digital TV's equity interest in OpenV would be approximately 25% to 31%, subject to certain performance adjustment mechanisms. China Digital TV has the right to appoint two directors to OpenV's seven-member board of directors.
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