AOL sells control of China TV firm

US media giant
AOL Time Warner has agreed to sell 64 per cent of its China Enter-tainment Television to
tom.com of Hong Kane for US$6.8m, Bloomberg reported. China Entertainment Television
has captured just 2 percent of the Guangdong market after I S months of operations. It
posted a loss in earnings before interest, tax, depreciation and amortisation last year of
USyl7m on revenues of just US$450,000).
Tom.com, a former internet start-up that
has evolsed into a disersitied media compa-ny. said that it would raise the funds for the
purchase by issuing new shares. It will also provide all of the funding needs of CETV, up to
US$30m, for the next 30 months.