US venture capitalists invest in Chinese Web Site

A group of US venture capital firms, including Disney's investment arm, was set to announce that it had invested $23.5 million in UUSee, a major Chinese site for Web video, an Associated Press report said.

The Associated Press report said 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 content includes subtitled US shows like 'CSI: Miami' and '24.'

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

Two other firms, Sequoia Capital and Susquehanna International Group, invested in UUSee in a previous round and joined in this one.

The site has 36 million registered users, making it China's largest Web TV operator, according to Dan Nova of Highland, the report said.

UUSee distributes the videos from servers, but to reduce long-distance Internet traffic, it also has a feature that uses viewers' computers to distribute video to other, nearby viewers, the report further said.

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